Service Properties Trust (SVC) 10-K 26 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 24, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11527
Entity Registrant Name	SERVICE PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	04-3262075
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	964-8389
Title of Each Class	Common Shares of Beneficial Interest
Trading Symbol	SVC
Name of each Exchange on which Registered	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 839.8
Entity Common Stock, Shares Outstanding		166,636,537
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2025 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2024.
Entity Central Index Key	0000945394
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate properties:
Land	$ 1,930,459	$ 1,972,145
Buildings, improvements and equipment	7,682,885	7,814,192
Total real estate properties, gross	9,613,344	9,786,337
Accumulated depreciation	(3,238,636)	(3,181,797)
Total real estate properties, net	6,374,708	6,604,540
Acquired real estate leases and other intangibles, net	107,956	130,622
Assets held for sale	43,101	10,500
Cash and cash equivalents	143,482	180,119
Restricted cash	13,904	17,711
Equity method investment	115,818	113,304
Due from related persons	3,911	6,376
Other assets, net	316,678	292,944
Total assets	7,119,558	7,356,116
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	150,000	0
Mortgage notes payable, net	568,283	558,876
Total liabilities	6,267,685	6,129,983
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 166,636,537 and 165,769,595 shares issued and outstanding, respectively	1,666	1,658
Additional paid in capital	4,560,334	4,557,473
Cumulative other comprehensive income	1,865	2,318
Cumulative net income	2,194,974	2,470,500
Cumulative common distributions	(5,906,966)	(5,805,816)
Total shareholders’ equity	851,873	1,226,133
Total liabilities and shareholders’ equity	7,119,558	7,356,116
Senior Secured Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior notes	972,073	968,017
Senior Unsecured Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior notes	4,020,347	3,993,327
Nonrelated Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	532,864	587,005
Related Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	$ 24,118	$ 22,758

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	200,000,000	200,000,000
Common shares, shares issued (in shares)	166,636,537	165,769,595
Common shares, shares outstanding (in shares)	166,636,537	165,769,595

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Hotel operating revenues	$ 1,496,705	$ 1,478,034	$ 1,467,344
Rental income	400,223	395,829	395,667
Total revenues	1,896,928	1,873,863	1,863,011
Expenses:
Hotel operating expenses	1,274,153	1,223,906	1,227,357
Net lease operating expenses	19,817	17,663	13,176
Depreciation and amortization	371,786	384,060	401,108
General and administrative	40,239	45,397	44,404
Transaction related costs	6,894	(1,623)	1,920
Loss on asset impairment, net	56,212	9,544	10,989
Total expenses	1,769,101	1,678,947	1,698,954
Gain on sale of real estate, net	6,269	43,239	47,818
Gain (loss) on equity securities, net	0	48,837	(8,104)
Interest income	4,052	20,979	3,379
Interest expense (including amortization of debt issuance costs, discounts and premiums of $31,127, $25,710 and $19,375, respectively)	(383,792)	(336,342)	(341,795)
Loss on early extinguishment of debt, net	(16,181)	(1,524)	(791)
Loss before income tax (expense) benefit and equity in (losses) earnings of an investee	(261,825)	(29,895)	(135,436)
Income tax (expense) benefit	(1,402)	1,498	199
Equity in (losses) earnings of an investee	(12,299)	(4,382)	2,856
Net loss	(275,526)	(32,779)	(132,381)
Other comprehensive (loss) income:
Equity interest in investee’s unrealized (losses) gains	(453)	(65)	1,604
Other comprehensive (loss) income	(453)	(65)	1,604
Comprehensive loss	$ (275,979)	$ (32,844)	$ (130,777)
Weighted average common shares outstanding (basic) (in shares)	165,338	164,988	164,738
Weighted average common shares outstanding (diluted) (in shares)	165,338	164,988	164,738
Net loss per common share (basic) (in dollars per share)	$ (1.67)	$ (0.20)	$ (0.80)
Net loss per common share (diluted) (in dollars per share)	$ (1.67)	$ (0.20)	$ (0.80)
Revenue from contract with customer, product and service, extensible enumeration	Hotels	Hotels	Hotels
Cost, product and service, extensible enumeration	Hotels	Hotels	Hotels

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 31,127	$ 25,710	$ 19,375

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2021		165,092,333
Beginning balance at Dec. 31, 2021	$ 1,555,306	$ 1,651	$ (5,635,342)	$ 4,552,558	$ 2,635,660	$ 779
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(132,381)				(132,381)
Equity interest in investee’s unrealized gains (losses)	1,604					1,604
Common share grants (in shares)		433,500
Common share grants	$ 2,788	$ 4		2,784
Common share repurchases (in shares)	(69,867)	(69,867)
Common share repurchases	$ (470)	$ 0		(470)
Common share forfeitures (in shares)		(3,400)
Common share forfeitures	(11)			(11)
Distributions	(38,044)		(38,044)
Ending balance (in shares) at Dec. 31, 2022		165,452,566
Ending balance at Dec. 31, 2022	1,388,792	$ 1,655	(5,673,386)	4,554,861	2,503,279	2,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(32,779)				(32,779)
Equity interest in investee’s unrealized gains (losses)	(65)					(65)
Common share grants (in shares)		438,000
Common share grants	$ 3,482	$ 4		3,478
Common share repurchases (in shares)	(98,571)	(98,571)
Common share repurchases	$ (802)	$ (1)		(801)
Common share forfeitures (in shares)		(22,400)
Common share forfeitures	(65)			(65)
Distributions	(132,430)		(132,430)
Ending balance (in shares) at Dec. 31, 2023		165,769,595
Ending balance at Dec. 31, 2023	1,226,133	$ 1,658	(5,805,816)	4,557,473	2,470,500	2,318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(275,526)				(275,526)
Equity interest in investee’s unrealized gains (losses)	(453)					(453)
Common share grants (in shares)		1,031,329
Common share grants	$ 3,621	$ 10		3,611
Common share repurchases (in shares)	(161,387)	(161,387)
Common share repurchases	$ (751)	$ (2)		(749)
Common share forfeitures (in shares)		(3,000)
Common share forfeitures	(1)			(1)
Distributions	(101,150)		(101,150)
Ending balance (in shares) at Dec. 31, 2024		166,636,537
Ending balance at Dec. 31, 2024	$ 851,873	$ 1,666	$ (5,906,966)	$ 4,560,334	$ 2,194,974	$ 1,865

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (275,526)	$ (32,779)	$ (132,381)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	371,786	384,060	401,108
Net amortization of debt issuance costs, discounts and premiums as interest	31,127	25,710	19,375
Straight line rental income	(18,541)	(13,165)	7,767
Loss on early extinguishment of debt, net	16,181	1,524	791
Loss on asset impairment, net	56,212	9,544	10,989
(Gain) loss on equity securities, net	0	(48,837)	8,104
Equity in losses (earnings) of an investee	12,299	4,382	(2,856)
Gain on sale of real estate, net	(6,269)	(43,239)	(47,818)
Deferred income taxes	(3,169)	(1,291)	(1,091)
Other non-cash income, net	(1,841)	(1,706)	(2,427)
Changes in assets and liabilities:
Due from related persons	2,465	21,135	(8)
Other assets	743	35,693	3,841
Accounts payable and other liabilities	(42,586)	144,079	(11,512)
Due to related persons	(3,490)	439	(10,755)
Net cash provided by operating activities	139,391	485,549	243,127
Cash flows from investing activities:
Acquisition of real estate properties	0	(165,866)	(2,766)
Proceeds from sale of TravelCenters of America Inc. common shares	0	101,892	0
Proceeds from sale of tradenames and trademarks	0	89,400	0
Real estate improvements	(303,600)	(200,894)	(103,646)
Hotel managers’ purchases with restricted cash	(6,375)	(5,407)	(4,952)
Net proceeds from sale of real estate	102,382	156,432	554,087
Investment in Sonesta	(15,266)	(5,134)	(45,470)
Net cash (used in) provided by investing activities	(222,859)	(29,577)	397,253
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of discounts	0	576,946	0
Repayment of mortgage notes payable	(1,958)	(1,631)	0
Proceeds from senior secured notes, net of discounts	1,165,007	985,900	0
Repayment of senior unsecured notes	(1,162,653)	(1,675,000)	(500,000)
Borrowings under revolving credit facility	160,000	0	20,000
Repayments of revolving credit facility	(10,000)	0	(1,020,000)
Payment of debt issuance costs	(5,471)	(56,545)	(3,864)
Repurchase of common shares	(751)	(802)	(470)
Distributions to common shareholders	(101,150)	(132,430)	(38,044)
Net cash provided by (used in) financing activities	43,024	(303,562)	(1,542,378)
(Decrease) increase in cash and cash equivalents and restricted cash	(40,444)	152,410	(901,998)
Cash and cash equivalents and restricted cash at beginning of year	197,830	45,420	947,418
Cash and cash equivalents and restricted cash at end of year	$ 157,386	$ 197,830	$ 45,420

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 143,482	$ 180,119	$ 38,369
Restricted cash	13,904	17,711	7,051
Total cash and cash equivalents and restricted cash	157,386	197,830	45,420
Supplemental cash flow information:
Cash paid for interest	366,194	314,323	334,264
Cash paid for income taxes	4,190	1,365	1,643
Non-cash investing activities:
Real estate improvements accrued, not paid	40,954	47,868	18,704
Non-cash financing activities:
Extinguishment of senior unsecured notes	$ (2,569)	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State of Maryland, which invests in hotels and service-focused retail net lease properties. At December 31, 2024, we owned, directly and through our subsidiaries, 206 hotels and 742 service-focused retail net lease properties. At December 31, 2024, all 206 of our hotels were managed by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta, (181 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (seven hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). At December 31, 2024, our 742 service-focused retail net lease properties were leased by 177 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ , or 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 $144,079 and $142,789 as of December 31, 2024 and 2023, respectively, and consist primarily of our TRS’s investment in Sonesta’s common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $78,749 and $81,262 as of December 31, 2024 and 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. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles. Real Estate Properties. We record real estate properties at cost less impairments, if any. We record the cost of real estate acquired at the relative fair value of building, land, furniture, fixtures and equipment, and, if applicable, acquired in place leases, above or below market leases and customer relationships. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the net assets acquired to goodwill. We depreciate real estate properties on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements and up to 12 years for personal property and we amortize finite lived intangible assets over the shorter of their useful lives or the term of the associated lease. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determination of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of our real estate properties. These indicators may include weak or declining operating profitability, cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life or market or industry changes that could permanently reduce the value of our investments. If there is an indication that the carrying value of a property is not recoverable, we estimate the projected undiscounted cash flows of the asset to determine if an impairment loss should be recognized. We determine the amount of an impairment loss by comparing the historical carrying value of the property to its estimated fair value. We estimate fair value by evaluating recent financial performance and projecting discounted cash flows of properties using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our real estate properties. If we change estimated lives, we depreciate or amortize the carrying values of affected assets over the revised remaining lives. During the years ended December 31, 2024, 2023 and 2022, we recorded $56,212, $9,544 and $10,989, respectively, of losses on asset impairment, net to reduce the carrying value of certain of our properties to their estimated fair values or estimated fair values less costs to sell. Intangible Assets and Liabilities. Intangible assets consist primarily of acquired above market operating leases where we are the lessor and below market ground leases for which we are the tenant or lessee. Intangible liabilities consist of acquired below market operating leases where we are the lessor and acquired above market ground leases for which we are the tenant or lessee. We include intangible assets in acquired real estate leases and other intangibles, net and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2024 and 2023, our intangible assets and liabilities were as follows: December 31, 2024 2023 Assets: Above market operating leases, net of accumulated amortization of $97,628 and $95,275, respectively $ 105,038 $ 126,890 Below market ground leases, net of accumulated amortization of $11,260 and $13,557, respectively 1,977 2,712 Other, net of accumulated amortization of $617 and $538, respectively 941 1,020 $ 107,956 $ 130,622 Liabilities: Below market operating leases, net of accumulated amortization of $656 and $784, respectively $ 560 $ 746 Above market ground leases, net of accumulated amortization of $293 in the 2023 period — 7 $ 560 $ 753 We amortize above and below market leases on a straight line basis over the terms of the associated leases. For the years ended December 31, 2024, 2023 and 2022, amortization relating to intangible assets was $22,666, $32,223 and $30,775, respectively, and amortization relating to intangible liabilities was $193, $205 and $235, respectively. As of December 31, 2024, the weighted average amortization period for capitalized above market leases and below market leases were 9.0 years and 6.9 years, respectively. As of December 31, 2024, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Other Below Market Operating Leases 2025 $ 18,857 $ 660 $ 78 $ (127) 2026 14,575 658 78 (121) 2027 12,467 658 78 (89) 2028 9,677 1 78 (76) 2029 8,098 — 78 (33) Thereafter 41,364 — 551 (114) Total $ 105,038 $ 1,977 $ 941 $ (560) Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash. Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed as required by certain of our debt agreements. Debt Issuance Costs. Debt issuance costs consist of capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective debt. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets, net in our consolidated balance sheets. As of December 31, 2024 and 2023, debt issuance costs for our revolving credit facility were $13,190 and $12,379, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $4,958 and $1,502, respectively. Debt issuance costs, net of accumulated amortization, for our senior notes and our net lease mortgage notes, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2024 and 2023, debt issuance costs, net of accumulated amortization, were $44,083 and $35,016, respectively, for our senior notes, and $17,618 and $22,332, respectively, for our net lease mortgage notes. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, our senior notes and our net lease mortgage notes as of December 31, 2024, are as follows: Year Amount 2025 $ 17,929 2026 17,523 2027 15,020 2028 7,382 2029 5,055 Thereafter 7,024 Total $ 69,933 Equity Method Investment. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, and Sonesta’s other director serves as The RMR Group LLC, or RMR’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta. See Notes 4, 5 and 9 for a further discussion of our investment in and relationships with Sonesta. Equity Securities. We record equity securities at fair value based on their quoted market price at the end of each reporting period. Changes in the fair value of our equity securities are recorded through earnings in accordance with FASB Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows: Level 1 - Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 - Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level 3 - Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement. Revenue Recognition. We report hotel operating revenues for managed hotels in our consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided. We report rental income for leased properties in our consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements. We increased rental income by $18,541 and $13,165 during the years ended December 31, 2024 and 2023, respectively, and reduced rental income by $7,767 during the year ended December 31, 2022, to record scheduled rent changes under certain of our leases on a straight line basis. Other assets, net includes $81,574 and $56,833 of straight line rent receivables at December 31, 2024 and 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 may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $2,707, $6,600 and $10,578 during the years ended December 31, 2024, 2023 and 2022, respectively. Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2024, 2023 and 2022, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. Segment Information. As of December 31, 2024, we had two reportable segments: hotel investments and net lease investments. Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (or benefit) includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. Our tax returns filed for the 2021 through 2024 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense. New Accounting Pronouncements. In November 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, 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. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We adopted the new standard effective December 31, 2024. As a result, we have included additional information related to the required disclosures within Note 12 to our consolidated financial statements. In December 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. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact ASU 2024-03 will have on our consolidated financial statements.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of December 31, 2024, we owned 206 hotels with an aggregate of 35,871 rooms or suites and 742 service-focused retail net lease properties with an aggregate of 13,292,519 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 $9,704,100, including $90,756 related to properties classified as held for sale as of December 31, 2024. Our real estate properties, at cost after impairments, consisted of land of $1,930,459, buildings and improvements of $7,342,164 and furniture, fixtures and equipment of $340,721, as of December 31, 2024; and land of $1,972,145, buildings and improvements of $7,443,750 and furniture, fixtures and equipment of $370,442, as of December 31, 2023. We funded capital improvements to certain of our properties of $302,892, $235,530 and $115,927 during 2024, 2023 and 2022, respectively. At December 31, 2024, eight of our hotels and 13 of our net lease properties were on land we leased partially or entirely from unrelated third parties. The average remaining term of the ground leases (including renewal options) for these hotels and net lease properties is approximately 38 years (range of ten Acquisitions Our allocation of the purchase price for each of our acquisitions in 2023 and 2022, based on the estimated fair value of the acquired assets and assumed liabilities, is presented in the table below. We accounted for these transactions as acquisitions of assets. We did not acquire any properties during the year ended December 31, 2024. Acquisition Date Location Property Type Rooms or Suites / Square Feet Purchase Price (1) Land Buildings and Improvements Furniture, Fixtures and Equipment Properties acquired during the year ended December 31, 2023: June 1, 2023 Miami Beach, FL Hotel 250 $ 165,866 $ 83,200 $ 77,987 $ 4,679 Properties acquired during the year ended December 31, 2022: September 12, 2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — (1) Includes acquisition related costs of $466 and $51 for the years ended December 31, 2023 and 2022, respectively. In February 2025, we entered into an agreement to acquire one net lease property with 5,120 square feet for a purchase price of $5,297, excluding closing costs. Dispositions During the years ended December 31, 2024, 2023 and 2022, we sold 25, 31 and 86 properties, respectively, for an aggregate sales price of $105,862, $170,325 and $559,848, respectively, excluding closing costs. The sales of these properties as presented in the table below do not represent significant dispositions, individually or in the aggregate, nor do they represent a strategic shift in our business. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price (1) (Loss) / Gain on Sale of Real Estate, net (2) Loss on Impairment of Real Estate, net (3) Properties sold during the year ended December 31, 2024: Hotels 15 1,910 $ 97,315 $ 9,509 $ 29,734 Net Lease 10 96,929 8,547 (3,240) 3,936 25 1,910 / 96,929 $ 105,862 $ 6,269 $ 33,670 Properties sold during the year ended December 31, 2023: Hotels 18 2,526 $ 157,230 $ 41,861 $ — Net Lease 13 160,310 13,095 1,378 6,338 31 2,526 / 160,310 $ 170,325 $ 43,239 $ 6,338 Properties sold during the year ended December 31, 2022: Hotels 65 8,296 $ 543,413 $ 48,202 $ 4,510 Net Lease 21 138,638 16,435 (384) (57) 86 8,296 / 138,638 $ 559,848 $ 47,818 $ 4,453 (1) Gross sales price is the gross contract price, excluding closing costs. (2) The 2024 period includes a gain of $1,100 related to an eminent domain land taking at one of our hotels. (3) We also recorded impairment of $22,542, $3,206 and $6,536 during the years ended December 31, 2024, 2023 and 2022, respectively, related to certain properties we owned during the periods presented. As of December 31, 2024, we had eight hotels with an aggregate of 1,006 rooms and an aggregate carrying value of $38,537, and nine net lease properties with an aggregate of 183,292 square feet and an aggregate carrying value of $3,278 classified as held for sale. See Note 13 for further information on these properties. From January 1, 2025 through February 24, 2025, we sold one hotel with 149 keys for a sales price of $4,000, excluding closing costs, and two net lease properties with an aggregate of 49,081 square feet for an aggregate sales price of $1,300, excluding closing costs. We have also entered into agreements to sell five hotels with an aggregate of 623 keys for an aggregate sales price of $28,500, excluding closing costs, and two net lease properties with an aggregate of 155,559 square feet for an aggregate sales price of $5,800, 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 two hotels with an aggregate of 234 keys and six net lease properties with an aggregate of 80,249 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	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Management Agreements and Leases	Management Agreements and Leases As of December 31, 2024, we owned 206 hotels included in four operating agreements and 742 service-focused retail properties net leased to 177 tenants. We do not operate any of our properties. As of December 31, 2024, all 206 of our hotels were managed by subsidiaries of the following companies: Sonesta (181 hotels), Hyatt (17 hotels), Radisson (seven hotels) and IHG (one hotel). As of December 31, 2024, our 742 service-focused retail net lease properties were leased by 177 tenants, including 175 travel centers leased to TA, our largest tenant. Hotel Agreements Sonesta Agreement. As of December 31, 2024, Sonesta managed 39 of our full service hotels, 100 of our extended stay hotels and 42 of our select service hotels pursuant to management agreements for all of the hotels, which we collectively refer to as our Sonesta agreement. The hotels Sonesta managed for us comprised approximately 50.0% of our total historical real estate investments. We acquired one hotel in June 2023, and we and Sonesta added this hotel to our Sonesta agreement. We sold 14 and two Sonesta branded hotels during the years ended December 31, 2024 and 2023, respectively. See Note 3 for further information regarding our acquisition and disposition activities. Our Sonesta agreement, which expires on January 31, 2037 and includes two 15-year renewal options, provides that we are paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta agreement further provides that we are paid an additional return equal to 80% of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding FF&E reserves and paying Sonesta’s incentive fee, if applicable. We do not have any security deposits or guarantees for our Sonesta hotels. We realized returns under our Sonesta agreement of $189,386, $226,181 and $196,721 during the years ended December 31, 2024, 2023 and 2022, respectively. Our Sonesta agreement requires us to fund capital expenditures made at our hotels. We made capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $258,337 and $172,028 during the years ended December 31, 2024 and 2023, respectively, which resulted in increases in our contractual annual owner’s priority returns of $15,488 and $10,321, respectively. Our annual priority return under our Sonesta agreement as of December 31, 2024 was $356,172. We owed Sonesta $18,199 and $13,300 for capital expenditures and other reimbursements as of December 31, 2024 and 2023, respectively. Sonesta owed us $3,911 and $6,376 in owner’s priority returns and other amounts as of December 31, 2024 and 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 consolidated balance sheets. Our Sonesta agreement requires that 5% of the hotel gross revenues be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the owner’s priority returns due to us. No FF&E escrow deposits were required during any of the years ended December 31, 2024, 2023 or 2022. 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 $119,628, $118,146 and $114,563 for the years ended December 31, 2024, 2023 and 2022, respectively. These fees and costs are included in hotel operating expenses in our consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $2,877 and $1,791 for the years ended December 31, 2024 and 2023, respectively, which amounts have been capitalized in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. We are required to maintain working capital for each of our hotels managed by Sonesta and have advanced a fixed amount based on the number of rooms in each hotel to meet the cash needs for hotel operations. As of December 31, 2024 and 2023, we had advanced $46,466 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 consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement. In general, we and Sonesta may terminate the management agreement for events of default, casualty and condemnation events, although Sonesta may not terminate for certain events of default. We also have the right to terminate the management agreement if minimum performance thresholds are not met for any three four See Notes 5 and 9 for further information regarding our relationships, agreements and transactions with Sonesta. Hyatt Agreement. As of December 31, 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 December 31, 2024, we are to be paid an annual owner’s priority return of $17,455. 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 occurred in January 2025. We realized returns under our Hyatt agreement of $5,860, $9,371 and $12,281 during the years ended December 31, 2024, 2023 and 2022, respectively. In February 2024, we funded $2,300 of additional working capital to Hyatt. We may recover this amount in the future, if cash flows are sufficient to pay our owner’s priority return and other amounts in accordance with our Hyatt agreement. During the years ended December 31, 2024 and 2023, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $31,665 and $46,679, respectively, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $1,900 and $2,801, respectively. Radisson Agreement . As of December 31, 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 $10,913. 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 were completed in December 2024. We realized returns under our Radisson agreement of $6,518, $6,266 and $6,387 for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, the hotels under this agreement generated cash flows that exceeded the guaranteed owner’s priority level due to us for the period. During the year ended December 31, 2023, the hotels under this agreement generated cash flows that were less than the guaranteed owner’s priority level due to us for the period, and Radisson made $650 of guaranty payments to cover the shortfall. The available balance of the guaranty was $21,350 as of December 31, 2024. During the years ended December 31, 2024 and 2023, we incurred capital expenditures of $778 and $7,660, respectively, for the hotels included in our Radisson agreement, which resulted in an aggregate increase in our contractual owner’s priority returns of $47 and $460, respectively. Marriott Agreement . As of December 31, 2023, we sold all 16 hotels previously managed by Marriott International, Inc., or Marriott. We realized a net operating loss under our management agreement with Marriott of $2,762 during the year ended December 31, 2023 and a return of $8,942 during the year ended December 31, 2022. We did not incur capital expenditures for any of the hotels included in our management agreement with Marriott during either of the years ended December 31, 2023 or 2022. IHG Agreement. Our management agreement with IHG for one hotel expires on January 31, 2026. We realized returns under our management agreement with IHG of $5,051, $4,800 and $3,561 for the years ended December 31, 2024, 2023 and 2022, respectively. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. During the year ended December 31, 2023, we recovered $5,797 of working capital that we previously funded under our IHG agreement and expensed in 2021 to transaction related costs when the amount was not expected to be recovered. The amount recovered is included in transaction related costs in our consolidated statements of comprehensive income (loss). During the years ended December 31, 2024 and 2023, we incurred capital expenditures for our hotel in our IHG agreement of $1,124 and $542, respectively. Net Lease Portfolio As of December 31, 2024, we owned 742 service-focused retail net lease properties with an aggregate of 13,292,519 square feet with leases requiring annual minimum rents of $380,863 with a weighted (by annual minimum rents) average remaining lease term of 8.0 years. Our net lease properties were 97.6% occupied and leased by 177 tenants operating under 136 brands in 21 distinct industries. TA Leases. As of December 31, 2024, TA is our largest tenant, representing 28.7% 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 December 31, 2024. TA receives a monthly rent credit totaling $25,000 per year over the ten-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. As of December 31, 2024, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows: Number of Travel Centers Initial Term End (1) Annual Minimum Rent (2) TA No. 1 Lease 34 May 14, 2033 $ 53,004 TA No. 2 Lease 36 May 14, 2033 47,033 TA No. 3 Lease 34 May 14, 2033 45,290 TA No. 4 Lease 36 May 14, 2033 47,964 TA No. 5 Lease 35 May 14, 2033 65,789 175 $ 259,080 (1) TA has five renewal options of ten years each under each of our TA leases. (2) Annual minimum rent increases by 2% each year through the initial term of ten years and any of the five ten-year extension options that may be exercised. There is no percentage rent due under our TA leases. Our TA leases are “triple net” leases that require TA to pay all costs incurred in the operation of the leased travel centers, including personnel, utility, inventory, customer service and insurance expenses, real estate and personal property taxes, environmental related expenses, underground storage tank maintenance costs and ground lease payments at those travel centers at which we lease the property and sublease it to TA. Our TA leases generally require TA to indemnify us for certain environmental matters and for liabilities that arise during the terms of the leases from ownership or operation of the leased travel centers. Our TA leases do not require FF&E escrow deposits. However, TA is required to maintain the leased travel centers, including structural and non-structural components. BP Corporation North America Inc., a subsidiary of BP p.l.c., guarantees payment under each of the TA leases, limited to an aggregate cap which was $3,037,475 as of December 31, 2024. We recognized rental income from our TA leases of $271,334, $266,263 and $259,093 for the years ended December 31, 2024, 2023 and 2022, respectively. Rental income increased by $14,272 and $7,932 for the years ended December 31, 2024 and 2023, respectively, and decreased by $13,143 for the year ended December 31, 2022, to record the scheduled rent changes on a straight line basis. TA was required to pay us previously deferred rent obligations in quarterly installments of $4,404 through January 31, 2023. TA paid us the final quarterly installment owed to us in January 2023. As of December 31, 2024 and 2023, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $40,097 and $19,816, respectively, included in other assets, net in our consolidated balance sheets. Until May 15, 2023, our TA leases required TA to pay us percentage rent based upon increases in certain sales. We recognized percentage rent due under our TA leases as rental income when all contingencies were met. We recognized percentage rent of $3,507 and $10,578 during the years ended December 31, 2023 and 2022, respectively, under our TA leases. For further information regarding our relationships with TA, including the TA Merger, as defined below, see Notes 5 and 9. Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight-line basis over the lease term when we have determined 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 $128,889, $129,566 and $135,522 for the years ended December 31, 2024, 2023 and 2022, respectively, which included $4,269, $5,233 and $5,367, 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 $2,158 and $4,927 during the years ended December 31, 2024 and 2023, respectively, and reduced our reserves for uncollectable amounts and increased rental income by $320 during the year ended December 31, 2022, based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $5,058 and $3,436 as of December 31, 2024 and 2023, respectively, included in other assets, net in our consolidated balance sheets. Additional lease information (as lessor). As of December 31, 2024, our leases with parties other than our TRSs, provide for contractual minimum rents to be paid to us during the remaining current terms as follows: Year Amount 2025 $ 380,743 2026 375,642 2027 371,752 2028 366,378 2029 362,395 Thereafter 1,454,236 Total $ 3,311,146 Additional lease information (as lessee). As of December 31, 2024, eight of our hotels were subject to ground leases where we are the lessee. In addition, our hotel operators enter various leases on our behalf in the normal course of business at our hotels, or our hotel operating leases. We calculated right of use assets and lease liabilities as the present value of the remaining lease payment obligations for our operating leases, which include the ground leases and hotel operating leases, over the remaining lease term using our estimated incremental borrowing rate. The right of use assets and related lease liabilities are included within other assets, net and accounts payable and other liabilities, respectively, in our consolidated balance sheets. At December 31, 2024 and 2023, our right of use assets and related lease liabilities each totaled $150,846 and $157,127, respectively, which represented our future obligations under our operating leases and are included in other assets, net accounts payable and other liabilities Year Amount 2025 $ 14,120 2026 14,240 2027 14,184 2028 13,891 2029 14,378 Thereafter 201,838 Total lease payments 272,651 Less: imputed interest (121,805) Present value of lease liabilities (1) $ 150,846 (1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.4% and 19 years (range of three months to 63 years) and 5.7% and 34 years (range of three months to 49 years), respectively. Generally, payments of ground lease obligations are made by our managers or tenants. However, if a manager or tenant did not perform obligations under a ground lease or did not renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Other Investments Equity Method Investment As of both December 31, 2024 and 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 December 31, 2024 and 2023, our investment in Sonesta had a carrying value of $115,818 and $113,304, respectively. O n the date of acquisition of our initial equity interest in Sonesta ( February 27, 2020), t he cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $260 in each of the years ended December 31, 2024, 2023 and 2022. We recognized (losses) earnings of $(12,299), $(4,382) and $2,856 related to our investment in Sonesta for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts, which include amortization of the basis difference, are included in equity in (losses) earnings of an investee in our consolidated statements of comprehensive income (loss). We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our consolidated balance sheets and is being amortized on a straight-line basis through the initial term of the Sonesta agreement, January 31, 2037 , as a reduction to hotel operating expenses in our consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $2,484 for each of the years ended December 31, 2024, 2023 and 2022, for amortization of this liability. As of December 31, 2024 and 2023, the unamortized balance of this liability was $29,995 and $32,479, respectively. In 2024 and 2023, we funded capital contributions to Sonesta of $15,266 and $5,134, respectively, to support its growth initiatives, including its franchising efforts. In 2022, we funded an aggregate of $45,470 of capital contributions to Sonesta related to Sonesta’s acquisition of a portfolio of four hotels located in New York, New York. We continue to maintain our 34% ownership in Sonesta after giving effect to these contributions. Summarized financial information for Sonesta as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 is as follows: December 31, 2024 2023 Total current assets $ 200,461 $ 171,265 Total noncurrent assets $ 725,599 $ 694,828 Total current liabilities $ 178,933 $ 155,935 Total noncurrent liabilities $ 373,597 $ 342,839 Non-controlling interest $ 52,964 $ 54,963 Year Ended December 31, 2024 2023 2022 Total revenues $ 815,457 $ 765,011 $ 681,434 Operating (loss) income $ (12,216) $ 5,013 $ 21,929 Net (loss) income $ (36,158) $ (10,823) $ 10,056 Net (loss) income attributable to shareholders $ (35,452) $ (11,404) $ 9,184 See Notes 4 and 9 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 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 and a loss of $8,104 during the years ended December 31, 2023 and 2022, respectively, to adjust the carrying value of our former investment in shares of TA common stock to its fair value. See Notes 4 and 9 for further information regarding our relationships, agreements and transactions with TA.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at December 31, 2024 were: (1) $150,000 of outstanding borrowings under our $650,000 revolving credit facility; (2) $4,075,000 aggregate outstanding principal amount of senior unsecured notes; (3) $1,000,000 aggregate outstanding principal amount of senior secured notes; and (4) $606,611 aggregate outstanding principal amount of net lease mortgage notes. Revolving Credit Facility 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. Availability of borrowings under our credit agreement is subject to ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. 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 December 31, 2024. As collateral for all loans and other obligations under the facility, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 69 properties, including 66 hotels and three net lease properties, with an aggregate undepreciated carrying value of $1,717,254 as of December 31, 2024. During the year ended December 31, 2024, we sold three 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 December 31, 2024 and 2023, the annual interest rate payable on borrowings under our revolving credit facility was 6.99% and 7.88%, respectively. The weighted average interest rate for borrowings under our revolving credit facility was 7.43% for the year ended December 31, 2024. We had no borrowings outstanding under our revolving credit facility during the year ended December 31, 2023. As of December 31, 2024 and February 24, 2025, we had $150,000 and $50,000, respectively, outstanding under our revolving credit facility and $500,000 and $600,000, respectively, available for borrowing. Availability under our revolving credit facility is partially based on the performance of the properties serving as collateral under the facility. Based on 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 will continue to have full access to undrawn amounts under our revolving credit facility. In February 2025, we and our lenders further amended our revolving credit facility to reduce the required debt service coverage ratio covenant from 1.50 times to 1.30 times effective with respect to the fourth quarter of 2024 and continuing through the end of the loan term. In order to exercise the first extension option, we would be required to maintain 1.50 times debt service coverage level as of and for the duration of the extension period. We also agreed to change the required collateral property debt yield to 10% effective with respect to the first quarter of 2025 and continuing through the end of the loan term and to swap collateral properties as follows: 49 hotels with an aggregate of 8,197 keys and an aggregate undepreciated carrying value of $1,402,307 will be released from the collateral pool and 35 travel centers leased to TA, which travel centers we refer to as our TA No. 5 lease, with an aggregate undepreciated carrying value of $601,684, will be added as collateral to our revolving credit facility. Of the hotels being released from the collateral pool, 38 hotels with an aggregate of 5,078 keys and an aggregate undepreciated carrying value of $689,592 are part of our hotel disposition plan. The corresponding equity pledges will be swapped as well. We expect to complete this collateral swap by the end of the second quarter of 2025. Our debt agreements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR ceasing to act as our business manager. Our debt agreements also contain covenants, including those that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. 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 December 31, 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 and $500,000 aggregate principal amount of 8.875% senior guaranteed unsecured notes due 2032 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 year ended December 31, 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 their terms. As a result of these transactions, we recorded a gain on early extinguishment of debt of $1,500 during the year ended December 31, 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 December 31, 2024 Coupon Rate Initial Term Maturity Class A $ 302,204 5.15% 5 February 2028 Class B 172,207 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 606,611 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 are secured by 315 net lease retail properties owned by the Issuer. As of December 31, 2024, the current leases relating to those properties required annual minimum rents of $66,632 and had an aggregate undepreciated carrying value of $760,033. On January 27, 2025, the Issuer issued a variable funding note, or VFN, secured by the 315 net lease properties that also secure our existing $606,611 of net lease mortgage notes. The VFN permits borrowings on a revolving basis up to $45,000 and the Issuer can borrow, repay and reborrow funds available until maturity. The maturity date of the VFN is January 27, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, can be extended by one year at the Issuer’s option. The VFN requires interest payments only on drawings under the VFN based on SOFR plus a margin of 1.75%, and an unused commitment fee of 50 basis points per annum paid on undrawn amounts. We borrowed $45,000 for general business purposes under the VFN upon closing. The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2024 were as follows: Year Amount 2025 $ 1,958 2026 801,958 2027 1,001,958 2028 1,000,737 2029 1,125,000 Thereafter 1,900,000 Total $ 5,831,611

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2012 Equity Compensation Plan, or the 2012 Plan. During the years ended December 31, 2024, 2023 and 2022, we awarded shares to our Trustees, officers and other employees of RMR as follows: Year Number of Shares Weighted Average Grant Date Fair Value Weighted Average Value of Grants 2024 1,031,329 $ 4.50 $ 4,641 2023 438,000 $ 7.88 $ 3,451 2022 433,500 $ 6.63 $ 2,874 The value of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the awards. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and certain other employees of RMR (in those capacities) vest in five A summary of shares awarded, vested, forfeited and unvested under the terms of the 2012 Plan for the years ended December 31, 2024, 2023 and 2022 is as follows: 2024 2023 2022 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 609,960 $ 7.88 588,830 $ 8.81 425,030 $ 11.93 Shares awarded 1,031,329 $ 4.50 438,000 $ 7.88 433,500 $ 6.63 Shares vested (613,848) $ 6.23 (394,470) $ 9.21 (266,300) $ 10.20 Shares forfeited (3,000) $ 6.75 (22,400) $ 8.91 (3,400) $ 12.08 Unvested shares, end of year 1,024,441 $ 5.47 609,960 $ 7.88 588,830 $ 8.81 The 1,024,441 unvested shares as of December 31, 2024 are scheduled to vest as follows: 320,980 shares in 2025, 289,362 shares in 2026, 239,080 shares in 2027 and 175,019 shares in 2028. As of December 31, 2024, the estimated future compensation expense for the unvested shares was $5,021. The weighted average period over which the compensation expense will be recorded is approximately 24 months. During the years ended December 31, 2024, 2023 and 2022, we recorded $3,620, $3,417 and $2,775, respectively, of compensation expense related to the 2012 Plan. At December 31, 2024, 217,189 of our common shares remain reserved for issuance under the 2012 Plan. Share Purchases During the years ended December 31, 2024, 2023 and 2022, we purchased our common shares from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows: Year Aggregate Number Weighted Average Value 2024 161,387 $4.65 $751 2023 98,571 $8.14 $802 2022 69,867 $6.72 $470 Distributions During the years ended December 31, 2024, 2023 and 2022, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Ordinary Income Capital Gain Return of Capital Qualified Dividend (1) 2024 $0.61 $101,150 —% —% 100.00% —% 2023 $0.80 $132,430 9.30% 86.15% 4.55% 6.25% 2022 $0.23 $38,044 —% —% 100.00% —% (1) Qualified Dividends are a subset of, and included in, the Ordinary Income amount. On January 16, 2025, we declared a regular quarterly distribution to common shareholders of record on January 27, 2025 of $0.01 per share, or $1,666. We paid this distribution on February 20, 2025. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of Sonesta. See Notes 4, 5 and 9 for further information regarding this investment.

Business and Property Managemen

Business and Property Management Agreements with RMR	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Business and Property Management Agreements with RMR	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. See Note 9 for further information regarding our relationships, agreements and transactions with RMR. Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of: ◦ the sum of (a) 0.7% of the average aggregate historical cost of our real estate investments up to $250,000, plus (b) 0.5% of the average aggregate historical cost of our real estate investments exceeding $250,000; and ◦ the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded, during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000. The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. • Incentive Management Fee . The incentive management fee which may be earned by RMR for an annual period is calculated as follows: ◦ An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Hotel & Resort REIT Index is the applicable benchmark index. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the ten ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. ◦ If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market index). ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the ten ◦ Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Business management fees are included in included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We did not incur any incentive management fees pursuant to our business management agreement for the years ended December 31, 2024, 2023 or 2022. • Property Management and Construction Supervision Fees. The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs for our net lease portfolio, and the office building component of one of our hotels that are subject to our property management agreement with RMR. We and RMR include the properties we lease to TA in our property management agreement. The property management fees payable to RMR by us for the properties we lease to TA are equal to 1.0% of gross collected rents for the 2024 calendar year, 2.0% of gross collected rents for the 2025 calendar year and 3.0% of gross collected rents for the 2026 calendar year and thereafter. Pursuant to our property management agreement with RMR, RMR oversees any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR receives the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity. Property management fees are included in other net lease operating expenses in our consolidated statements of comprehensive income (loss) and construction supervision fees are capitalized as building improvements in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. • Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR which are included in net lease operating expenses and general and administrative expenses, as applicable, in our consolidated statements of comprehensive income (loss). • Term. Our management agreements with RMR have terms that end on December 31, 2044, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a ten year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR. • Transition Services. RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors. Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provides management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR. In January 2025, in connection with a $100,000 credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., or Citibank, and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements under the security agreement. Pursuant to the consent, we agreed, among other things, that upon notice that an event of default under the RMR credit agreement has occurred and is continuing, we will continue to make all payments under our management agreements in accordance with the instructions of Citibank, and that if there is an event of default by RMR under our management agreements that would allow us to terminate or suspend our obligations, we will not terminate or suspend without notice to Citibank and provide Citibank 30 days to cure the default on RMR’s behalf. The consent was approved by our Independent Trustees. For the years ended December 31, 2024, 2023 and 2022, the business management fees, property management fees and construction supervision fees recognized in our consolidated financial statements were as follows: Year Ended December 31, 2024 2023 2022 Pursuant to business management agreement: Net business management fees (1) $ 29,653 $ 33,352 $ 35,495 Pursuant to property management agreement: Property management fees $ 6,012 $ 3,702 $ 3,998 Construction supervision fees 5,958 4,666 2,130 $ 11,970 $ 8,368 $ 6,128 Expense reimbursement: Property level expenses $ 4,445 $ 4,648 $ 3,258 (1) The net business management fees we recognized for each of the years ended December 31, 2024, 2023 and 2022 reflect a reduction of $3,585 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR, RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. Following the TA Merger, TA ceased being a related party. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., and is chair of the board of directors and a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John Murray, our other Managing Trustee and our former President and Chief Executive Officer, also serves as an officer and employee of RMR and as president and chief executive officer of Sonesta. In addition, each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including Mr. Murray and certain of our officers, serve as managing trustees or officers of certain of these companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. See Note 8 for further information regarding our management agreements with RMR. Share Awards to RMR Employees. As described in Note 7, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four TA . We lease 175 of our travel centers to TA under the TA leases. RMR provides management services to us and, until the TA Merger, provided services to TA, and Mr. Portnoy, until the TA Merger, also served as the chair of the board of directors and as a managing director of TA and, as of immediately prior to the TA Merger, beneficially owned 661,506 shares of TA common stock (including through RMR), representing approximately 4.4% of TA’s outstanding shares of common stock. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with TA. Sonesta . Sonesta is a private company of which Adam Portnoy, one of our Managing Trustees, is a director and the controlling stockholder. One of Sonesta’s other directors and president and chief executive officer is our other Managing Trustee and former President and Chief Executive Officer, and Sonesta’s other director serves as one of RMR Inc.’s managing directors, as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary and as our Secretary. Certain other officers and employees of Sonesta are former officers and employees of RMR. RMR also provides certain services to Sonesta. As of December 31, 2024, we owned 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 181 of our hotels. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with Sonesta.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our provision (benefit) for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current: Federal $ — $ — $ — State 931 (106) 385 Foreign 1,105 503 233 2,036 397 618 Deferred: Foreign (634) (1,895) (817) (634) (1,895) (817) $ 1,402 $ (1,498) $ (199) A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: Year Ended December 31, 2024 2023 2022 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit (0.3) % 0.3 % (0.3) % Foreign taxes (0.2) % (6.9) % 0.4 % Foreign tax rate change 0.0 % 11.0 % 0.0 % Effective tax rate (0.5) % 4.4 % 0.1 % Deferred income tax balances generally reflect the net tax effects of temporary differences between the carrying amounts of certain of our assets and liabilities in our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. In December 2023, our subsidiary which operates in Puerto Rico elected to be taxed as a corporation for purposes of Puerto Rico tax law. This election increased the entity’s tax rate in Puerto Rico from 29.0% to 37.5%. The result of this change is primarily offset by available tax concessions in Puerto Rico. Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2024 2023 Deferred tax assets: Tax loss carryforwards $ 140,665 $ 112,532 Other 12,782 7,973 Deferred tax assets 153,447 120,505 Valuation allowance (152,676) (120,505) Net deferred tax assets $ 771 $ — Deferred tax liabilities: Property basis difference $ (7,754) $ (7,970) Puerto Rico deferred tax gain (8,073) (8,162) Other (442) — Net deferred tax liabilities $ (16,269) $ (16,132) Net deferred tax liabilities are included in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2024 and 2023, our consolidated TRS had a net deferred tax asset, prior to any valuation allowance, of $141,642 and $114,145, respectively, which consists primarily of the tax benefit of net operating loss carryforwards and tax credits. Because of the uncertainty surrounding our ability to realize the future benefit, we have provided a 100% valuation allowance against certain deferred tax assets as of December 31, 2024 and 2023. As of December 31, 2024 and 2023, our consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $556,778 and $442,560, respectively, which partially expire starting in 2027. At December 31, 2024 and 2023, we recorded a deferred tax liability of $8,073 and $8,162, respectively, as a result of the book value to tax basis difference related to the accounting of an insurance settlement in 2021. At December 31, 2024 and 2023, we, excluding our subsidiaries, had net operating loss carryforwards for federal income tax purposes of approximately $579,886 and $514,568, respectively, of which certain losses incurred prior to 2018 partially expire starting in 2027.

Concentration

Concentration	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentration	Concentration Geographic Concentration At December 31, 2024, our 948 properties were located in 46 states in the United States, plus the District of Columbia, Ontario, Canada and Puerto Rico. Between 5% and 13% of our properties, by investment, were located in each of California, Texas, Florida, Illinois and Georgia. Our two hotels in Ontario, Canada and our hotel in Puerto Rico represent 3.1% of our hotels, by investment, in the aggregate at December 31, 2024. Credit Concentration As of December 31, 2024, Sonesta operated 181 of our hotels and TA leased 175 of our net lease properties, representing 50.0% and 28.7%, respectively, of our investment. See Notes 4 and 9 for a discussion of our Sonesta and TA agreements.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments are based on our internal reporting structure and property type and are aligned with how our CODM reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Investment Officer. Our two reportable segments are hotel investments and net lease investments. Our hotel investments segment consists of hotels managed by subsidiaries of Sonesta, Hyatt, Radisson and IHG. Our net lease investments segment consists of service-focused retail net lease properties, including travel centers leased to TA, our largest tenant. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. Our CODM reviews operating and financial results, including net income (loss) and its components, to allocate resources and assess segment performance. The accounting policies of our reportable segments are the same as those described in Note 2. The tables below present information about our segments. Year Ended December 31, 2024 Hotels Net Lease Total Revenues: Hotel operating revenues $ 1,496,705 $ — $ 1,496,705 Rental income — 400,223 400,223 Total revenues 1,496,705 400,223 1,896,928 Less: Labor and benefits (1) 557,126 3,865 560,991 Management fees 54,738 6,012 60,750 Real estate taxes and insurance 122,342 3,312 125,654 Other operating expenses (2) 539,947 6,628 546,575 Depreciation and amortization 221,299 150,487 371,786 Interest expense — 46,231 46,231 Other segment items (3) 36,746 19,687 56,433 Segment (loss) profit (35,493) 164,001 128,508 Reconciliation of segment profit or loss: General and administrative (40,239) Interest income 3,648 Interest expense (337,561) Loss on early extinguishment of debt, net (16,181) Income tax expense (1,402) Equity in losses of an investee (12,299) Net loss $ (275,526) (1) Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 8. (2) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties. (3) Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable. Year Ended December 31, 2023 Hotels Net Lease Total Revenues: Hotel operating revenues $ 1,478,034 $ — $ 1,478,034 Rental income — 395,829 395,829 Total revenues 1,478,034 395,829 1,873,863 Less (plus): Labor and benefits (1) 534,620 4,279 538,899 Management fees 54,192 3,702 57,894 Real estate taxes and insurance 109,287 3,465 112,752 Other operating expenses (2) 525,807 6,217 532,024 Depreciation and amortization 216,235 167,825 384,060 Interest expense — 40,920 40,920 Other segment items (3) (42,003) 8,021 (33,982) Segment profit 79,896 161,400 241,296 Reconciliation of segment profit: General and administrative (45,397) Transaction related costs 1,623 Gain on equity securities, net 48,837 Interest income 20,692 Interest expense (295,422) Loss on early extinguishment of debt (1,524) Income tax benefit 1,498 Equity in losses of an investee (4,382) Net loss $ (32,779) (1) Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 8. (2) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties. (3) Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable. Year Ended December 31, 2022 Hotels Net Lease Total Revenues: Hotel operating revenues $ 1,467,344 $ — $ 1,467,344 Rental income — 395,667 395,667 Total revenues 1,467,344 395,667 1,863,011 Less (plus): Labor and benefits (1) 511,364 2,973 514,337 Management fees 53,385 3,998 57,383 Real estate taxes and insurance 121,733 2,398 124,131 Other operating expenses (2) 540,875 3,807 544,682 Depreciation and amortization 221,416 179,692 401,108 Other segment items (3) (37,689) 807 (36,882) Segment profit 56,260 201,992 258,252 Reconciliation of segment profit: General and administrative (44,404) Transaction related costs (1,920) Loss on equity securities, net (8,104) Interest income 3,326 Interest expense (341,795) Loss on early extinguishment of debt (791) Income tax benefit 199 Equity in earnings of an investee 2,856 Net loss $ (132,381) (1) Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 8. (2) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties. (3) Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable. As of December 31, 2024 2023 2022 Assets: Hotels $ 3,897,132 $ 3,943,213 $ 3,882,701 Net Lease 2,942,585 3,084,686 3,376,295 Corporate 279,841 328,217 229,195 Total assets $ 7,119,558 $ 7,356,116 $ 7,488,191 As of December 31, 2024 2023 2022 Capital expenditures: Hotels $ 297,398 $ 232,053 $ 110,343 Net Lease 5,494 3,477 5,584 Total capital expenditures $ 302,892 $ 235,530 $ 115,927

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at December 31, 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) $ 14,664 $ — $ 13,382 $ 1,282 Assets of properties held and used (3) $ 7,408 $ — $ — $ 7,408 (1) We recorded impairment charges totaling $13,641 during the year ended December 31, 2024, to reduce the carrying value of three hotels and two net lease properties in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $687, 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 $4,512 during the year ended December 31, 2024, to reduce the carrying value of one net lease property in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $68, 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 year ended December 31, 2024, to reduce the carrying value of one net lease property in our 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 December 31, 2024 and 2023, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: December 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Value (1) Value Value (1) 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% 348,730 339,889 347,601 339,780 Senior Unsecured Notes, due 2026 at 4.75% 448,957 425,237 448,347 419,909 Senior Unsecured Notes, due 2027 at 4.95% 398,428 373,796 397,672 362,108 Senior Guaranteed Unsecured Notes, due 2027 at 5.50% 446,758 420,809 445,631 412,002 Net Lease Mortgage Notes, due 2028 at 5.60% 568,283 585,236 558,876 585,784 Senior Unsecured Notes, due 2028 at 3.95% 396,505 335,056 395,355 327,708 Senior Guaranteed Unsecured Notes, due 2029 at 8.375% 682,934 676,725 — — Senior Unsecured Notes, due 2029 at 4.95% 421,269 338,071 420,477 351,726 Senior Unsecured Notes, due 2030 at 4.375% 394,189 301,752 393,056 310,524 Senior Secured Notes, due 2031 at 8.625% 972,073 1,040,590 968,017 1,047,430 Senior Guaranteed Unsecured Notes, due 2032 at 8.875% 482,577 462,755 — — Total financial liabilities $ 5,560,703 $ 5,299,916 $ 5,520,220 $ 5,307,547 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs. At December 31, 2024 and 2023, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs). At December 31, 2024 and 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.

Schedule III_Real Estate and Ac

Schedule III—Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III—Real Estate and Accumulated Depreciation	Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date Hotel Properties 17 Royal Sonesta Hotels® (5) $ — $ 229 $ 1,118 $ 445 $ (9) $ (17) $ 229 $ 1,537 $ 1,766 $ (476) 1912 through 2010 2001 through 2019 22 Sonesta Hotels & Resorts® (5) — 216 641 479 (51) (17) 216 1,052 1,268 (339) 1950 through 2010 1998 through 2023 51 Sonesta ES Suites® (5) — 115 502 417 (35) (71) 115 813 928 (407) 1985 through 2009 1996 through 2018 37 Sonesta Select® (5) — 79 351 241 (4) (87) 79 501 580 (313) 1987 through 2000 1995 through 2001 46 Sonesta Simply Suites® (5) — 61 304 142 (17) (38) 61 391 452 (211) 1997 through 2021 1997 through 2003 17 Hyatt Place® (5) — 20 137 120 — (9) 20 248 268 (98) 1995 through 2002 1997 through 2002 5 Radisson® Hotels & Resorts — 9 93 59 — (2) 9 150 159 (83) 1987 through 1990 1996 through 1997 1 Crowne Plaza® — 17 69 32 — (1) 17 100 117 (21) 1986 2017 2 Country Inn & Suites® by Radisson — 3 24 11 — — 3 35 38 (21) 1989 1996 Net Lease Service Retail Properties 131 TravelCenters of America (6) — 564 936 452 — (455) 564 933 1,497 (530) 1962 through 2017 2007 through 2017 44 Petro Stopping Centers (6) — 260 522 195 — (243) 260 474 734 (255) 1975 through 2017 2008 through 2017 14 The Great Escape — 19 64 — — — 19 64 83 (12) 1986 through 2007 2019 3 Life Time Fitness — 17 56 — — — 17 56 73 (11) 1987 through 2012 2019 5 Buehler's Fresh Foods 52 10 49 — — — 10 49 59 (13) 1980 through 2000 2019 59 Heartland Dental — 11 37 1 — — 11 38 49 (8) 1920 through 2005 2019 10 Norms — 23 24 1 — — 23 25 48 (6) 1957 through 2014 2019 5 AMC Theatres — 13 34 1 — — 13 35 48 (8) 1995 through 2008 2019 23 Express Oil Change 37 6 37 — — — 6 37 43 (7) 1965 through 2001 2019 40 Pizza Hut 24 12 28 — — — 12 28 40 (15) 1915 through 2006 2019 3 Flying J Travel Plaza (5) — 6 32 1 — — 6 33 39 (6) 2001 2019 9 Vacant — 22 20 5 (5) (5) 19 18 37 (4) 1977 through 2005 2007 through 2019 6 America's Auto Auction 27 7 23 6 — — 7 29 36 (6) 1960 through 2005 2019 4 Courthouse Athletic Club 20 5 28 — — — 5 28 33 (6) 1980 through 2001 2019 2 Big Al's 17 3 28 — — — 3 28 31 (4) 2006 through 2010 2019 4 B&B Theatres — 12 15 3 — — 12 18 30 (5) 1998 through 2004 2019 1 Fleet Farm — 3 28 — — — 3 28 31 (5) 1979 2019 16 Martin's 21 7 21 — — (1) 7 20 27 (5) 1962 through 2003 2019 19 Arby's 18 7 19 — — — 7 19 26 (8) 1967 through 2005 2019 17 Burger King 18 5 21 — — — 5 21 26 (7) 1979 through 2000 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 5 Regal Cinemas — 5 21 — — — 5 21 26 (5) 2005 through 2010 2019 20 Popeye's Chicken & Biscuits 21 8 17 — — — 8 17 25 (6) 1968 through 2003 2019 4 Crème de la Crème 19 7 18 — — — 7 18 25 (3) 1999 through 2003 2019 32 Church's Chicken — 5 18 — — — 5 18 23 (5) 1968 through 1983 2019 15 Hardee's 16 4 18 — — — 4 18 22 (6) 1977 through 1997 2019 5 Mister Car Wash 20 2 19 1 — — 2 20 22 (3) 1960 through 2005 2019 6 United Supermarkets 16 4 17 — — — 4 17 21 (6) 1979 through 1997 2019 2 Mesa Fitness 14 3 17 — — — 3 17 20 (3) 1983 through 2007 2019 13 Taco Bell 14 4 15 — — — 4 15 19 (4) 1982 through 2019 2019 through 2020 28 Uncle Ed's Oil Shoppe — 6 12 — — — 6 12 18 (5) 1959 through 1999 2019 1 CarMax — 5 13 — — — 5 13 18 (2) 2005 2019 1 Multi-Tenant — 2 19 5 (9) (1) 2 14 16 (4) 1986 through 2001 2019 2 Fusion Gyms — 3 10 2 — — 3 12 15 (2) 1987 through 1994 2019 5 Pike Nursery 16 8 6 — — — 8 6 14 (2) 1970 through 1996 2019 1 Dave & Buster's 12 3 11 — — — 3 11 14 (2) 1972 2019 2 HHI-Formtech 9 3 10 — — — 3 10 13 (5) 1952 2019 3 Golden Corral — 4 8 — — (1) 4 7 11 (2) 1989 through 2000 2019 2 Sanford's Grub & Pub — 1 10 — — — 1 10 11 (2) 1928 through 2003 2019 5 Fuddruckers — 4 6 — — — 4 6 10 (2) 1994 through 1995 2019 4 Rite Aid — 3 7 — — — 3 7 10 (2) 1993 through 2000 2019 4 Texas Roadhouse 6 7 6 — — (3) 7 3 10 (1) 1992 through 2003 2019 2 Eddie Merlot's 6 2 8 — — — 2 8 10 (2) 2001 through 2003 2019 1 Baptist Emergency Hospital 10 2 8 — — — 2 8 10 (1) 2013 2019 12 Core & Main 4 4 5 — — — 4 5 9 (2) 1972 through 1998 2019 5 Lerner and Rowe 9 1 8 — — — 1 8 9 (1) 1970 through 2007 2019 4 Meineke Car Care Center — 3 6 — — — 3 6 9 (1) 1999 through 2000 2019 1 Cermak Fresh Market 6 2 7 — — — 2 7 9 (4) 1989 2019 1 Columbus Preparatory Academy 6 1 8 — — — 1 8 9 (1) 2004 2019 1 Academy Sports + Outdoors 5 1 6 — — — 1 6 7 (1) 2016 2019 1 Austin's Park n' Pizza 5 — 8 — — — — 8 8 (2) 2003 2019 1 Kohl's 5 2 6 — — — 2 6 8 (2) 1986 2019 1 LA Fitness — 1 7 — — — 1 7 8 (1) 2012 2019 9 Sonic Drive-In 7 3 4 — — — 3 4 7 (2) 1991 through 2018 2019 3 Krispy Kreme 7 2 5 — — — 2 5 7 (1) 2000 through 2004 2019 3 Oregano's Pizza Bistro 5 1 6 — — — 1 6 7 (2) 1964 through 2006 2019 2 Blue Rhino 15 3 4 — — — 3 4 7 (1) 2004 2019 2 Diagnostic Health — 1 6 — — — 1 6 7 (1) 1985 through 1997 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Marcus Theaters — 2 5 — — — 2 5 7 (2) 1999 2019 7 Hughes Supply 3 2 4 — — — 2 4 6 (1) 1976 through 1993 2019 5 Brookshire Brothers 5 1 5 — — — 1 5 6 (2) 1992 through 1999 2019 3 Jack's Family Restaurant 4 2 4 — — — 2 4 6 (1) 2008 through 2016 2019 3 Wendy's 6 1 5 — — — 1 5 6 (1) 1984 through 1996 2019 2 Flying Star Cafe 4 1 5 — — — 1 5 6 (1) 1994 through 1999 2019 1 Jack Stack Barbeque 4 1 5 — — — 1 5 6 (1) 1983 2019 2 10 Box 4 2 3 — — — 2 3 5 (1) 1994 2019 2 Bricktown Brewery 4 1 4 — — — 1 4 5 (2) 1904 through 1984 2019 2 Gerber Collision & Glass 4 1 4 — — — 1 4 5 (1) 2001 through 2002 2019 2 HD Supply White Cap 3 2 3 — — — 2 3 5 (1) 1990 through 2001 2019 2 Walgreens 3 — 5 — — — — 5 5 (1) 1993 through 1999 2019 1 Angstrom 5 2 3 — — — 2 3 5 (2) 1987 2019 1 Mak Pack 3 1 4 — — — 1 4 5 (1) 2007 2019 1 Planet Fitness 4 1 4 — — — 1 4 5 (1) 2007 2019 1 RGB Eye Associates 5 1 4 — — — 1 4 5 (1) 2013 2019 1 Sportsman's Warehouse 3 1 3 1 — — 1 4 5 (2) 1983 2019 2 Famous Dave's 3 1 3 — — — 1 3 4 (1) 1997 through 1999 2019 2 Focus Child Development Center — 1 3 — — — 1 3 4 — 1996 through 1998 2019 1 Ashley Furniture 2 1 3 — — — 1 3 4 (1) 2000 2019 1 Boozman-Hof — 2 2 — — — 2 2 4 — 1988 2019 1 Eriks Bike Shop — 1 3 — — — 1 3 4 (1) 1996 2019 1 Miller Waste Mills — — 4 — — — — 4 4 (2) 1960 2019 1 Mind 24-7 — 1 3 2 (3) — 1 2 3 — 2008 2019 1 Rainbow Kids Clinic 3 1 3 — — — 1 3 4 — 2011 2019 1 Win Win — 1 3 — — — 1 3 4 (1) 1990 2019 2 Anixter 2 1 2 — — — 1 2 3 (1) 1984 through 1999 2019 2 Monterey's Tex Mex 1 1 2 — — — 1 2 3 (1) 1979 through 1997 2019 1 Applebee's — 1 2 — — — 1 2 3 (1) 1996 2019 1 Axels — — 3 — — — — 3 3 (1) 1995 2019 1 Black Angus Steakhouse 2 1 2 — — — 1 2 3 — 1996 2019 1 Buffalo Wild Wings 2 1 2 — — — 1 2 3 — 2014 2019 1 Heytex USA — — 2 — — — — 2 2 (1) 1967 2019 1 Kerry's Car Care 2 1 2 — — — 1 2 3 — 2015 2019 1 Nacarato Trucks — — 2 — — — — 2 2 (1) 1985 2019 1 Ojos Locos Sports Cantina 2 1 2 — — — 1 2 3 (1) 1993 2019 1 Slim Chickens 2 1 2 — — — 1 2 3 — 2014 2019 1 Southwest Stainless, LP 2 — 3 — — — — 3 3 (1) 1984 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Spoons Place — 1 2 — — — 1 2 3 — 1996 2019 1 Tractor Supply — — 3 — — — — 3 3 — 2007 2019 1 What the Buck — — 3 — — — — 3 3 (1) 1958 2019 2 Affordable Care, Inc. — 1 1 — — — 1 1 2 — 2008 through 2010 2019 2 Dollar General 1 — 2 — — — — 2 2 — 2015 2019 2 Hooters 4 1 1 — — — 1 1 2 (1) 1977 through 1994 2019 2 Rally's 1 1 1 — — — 1 1 2 — 1992 2019 2 Taco Bueno 2 1 1 — — — 1 1 2 (1) 1991 through 2003 2019 1 Bridgestone Tire 2 1 1 — — — 1 1 2 — 1998 2019 1 Cycle Gear 1 1 1 — — — 1 1 2 (1) 1989 2019 1 Long John Silver's 1 1 1 — — — 1 1 2 — 1987 2019 1 Moe's American Grill — — 2 — — — — 2 2 (1) 1953 2019 1 Orscheln Farm and Home 2 1 1 — — — 1 1 2 — 1977 2019 1 Red Robin Gourmet Burgers — 1 1 — — — 1 1 2 — 1995 2019 1 Schumacher Homes 1 1 1 — — — 1 1 2 — 2014 2019 1 Bru Burger Bar 1 — 1 — — — — 1 1 — 1996 2019 1 Buchheit 1 — 1 — — — — 1 1 — 1986 2019 1 Captain Ds 1 — 1 — — — — 1 1 — 1995 2019 1 Chicken Salad Chick 1 — 1 — — — — 1 1 — 1976 2019 1 Clean Express Auto Wash — — 1 — — — — 1 1 (1) 1991 2019 1 Discount Tire — 1 4 — — (4) 1 — 1 — 2009 2019 1 Dunkin Donuts — — — — — — — — — — 1977 2019 1 El Forastero 1 — 1 — — — — 1 1 — 1985 2019 1 Howlin Concrete 1 1 — — — — 1 — 1 — 1922 2019 1 KFC 1 — 1 — — — — 1 1 — 2002 2019 1 Little Caesars — — 1 — — — — 1 1 — 1996 2019 1 NAPA Auto Parts 1 — 1 — — — — 1 1 — 2001 2019 1 O'Reilly Auto Parts 1 — 1 — — — — 1 1 — 2006 2019 1 Old Mexico Cantina 1 — 1 — — — — 1 1 — 2007 2019 1 Robata — — 1 — — — — 1 1 — 1980 2019 1 SRS Distribution 1 — 1 — — — — 1 1 — 1975 2019 1 The Atlanta Center for Foot & Ankle Surgery 2 — 1 — — — — 1 1 — 1963 2019 1 Touchstone Imaging 1 — 1 — — — — 1 1 — 1992 2019 1 Wings, Etc 1 — 1 — — — — 1 1 — 2014 2019 1 Bigham Cable — — — — — — — — — — 1989 2019 1 Consolidated Pipe — — — — — — — — — — 1987 2019 1 Del Taco 1 — — — — — — — — — N/A 2019 1 Family Dollar Stores — — — — — — — — — — 1988 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Giliberto's Mexican Taco Shop 1 — — — — — — — — — N/A 2019 1 Off the Hook Seafood & More — — — — — — — — — — 2007 2019 1 Scooters Coffee 1 — — — — — — — — — 1972 2019 1 Sharks Fish & Chicken — — — — — — — — — — 1985 2019 931 Total Held and Used $ 607 $ 1,933 $ 5,806 $ 2,622 $ (133) $ (955) $ 1,930 $ 7,343 $ 9,273 $ (3,029) Assets Held for Sale 2 Sonesta Simply Suites® (5) $ — $ 2 $ 13 $ — $ — $ — $ 2 $ 13 $ 15 $ (7) 1997 through 2021 1997 through 2003 1 Sonesta ES Suites® (5) — 1 7 — — — 1 7 8 (4) 1985 through 2009 1996 through 2018 5 Sonesta Select® (5) — 6 56 — — — 6 56 62 (36) 1987 through 2000 1995 through 2001 9 Vacant — 3 14 — (9) (2) 1 5 6 (2) 1977 through 2005 2007 through 2019 948 Total Including Held for Sale $ 607 $ 1,945 $ 5,896 $ 2,622 $ (142) $ (957) $ 1,940 $ 7,424 $ 9,364 $ (3,078) (1) Represents the principal balance of our net lease mortgage debt, excluding unamortized discounts and debt issuance costs. (2) Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP. (3) Excludes $341 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. (4) We depreciate buildings and improvements over periods ranging between ten (5) 69 properties, including 66 hotels and three net lease properties secure our credit agreement, which has $150.0 million outstanding as of December 31, 2024. (6) 67 TravelCenters of America and three Petro Stopping Centers properties secure our $1.0 billion senior secured notes due 2031, excluding unamortized discounts and debt issuance costs. The change in total cost of properties for the period from January 1, 2022 to December 31, 2024 is as follows: 2024 2023 2022 Balance at beginning of year $ 9,415,896 $ 9,174,451 $ 9,790,010 Additions: acquisitions and capital expenditures 278,797 363,601 106,588 Dispositions (336,703) (110,535) (624,057) Reclassification of properties held for sale (85,367) (11,621) (98,090) Balance at close of year $ 9,272,623 $ 9,415,896 $ 9,174,451 (B) The change in accumulated depreciation for the period from January 1, 2022 to December 31, 2024 is as follows: 2024 2023 2022 Balance at beginning of year $ 2,950,685 $ 2,749,862 $ 3,069,348 Additions: depreciation expense 211,106 207,641 309,606 Dispositions (87,208) (4,747) (618,132) Reclassification of properties held for sale (45,539) (2,071) (10,960) Balance at close of year $ 3,029,044 $ 2,950,685 $ 2,749,862 (C) The aggregate cost tax basis for federal income tax purposes of our real estate properties was $6,520,266 on December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income attributable to shareholders	$ (275,526)	$ (32,779)	$ (132,381)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on the information technology and systems maintained by our managers, including RMR, and rely on our managers to identify and manage material risks from cybersecurity threats. RMR and our hotel managers take various actions and incur significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We rely on the information technology and systems maintained by our managers, including RMR, and rely on our managers to identify and manage material risks from cybersecurity threats. RMR and our hotel managers take various actions and incur significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Role of Management [Text Block]	We rely on the information technology and systems maintained by our managers, including RMR, and rely on our managers to identify and manage material risks from cybersecurity threats. RMR and our hotel managers take various actions and incur significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation.
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 ™ ,
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles.
Real Estate Properties	Real Estate Properties. We record real estate properties at cost less impairments, if any. We record the cost of real estate acquired at the relative fair value of building, land, furniture, fixtures and equipment, and, if applicable, acquired in place leases, above or below market leases and customer relationships. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the net assets acquired to goodwill. We depreciate real estate properties on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements and up to 12 years for personal property and we amortize finite lived intangible assets over the shorter of their useful lives or the term of the associated lease. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determination of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of our real estate properties. These indicators may include weak or declining operating profitability, cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life or market or industry changes that could permanently reduce the value of our investments. If there is an indication that the carrying value of a property is not recoverable, we estimate the projected undiscounted cash flows of the asset to determine if an impairment loss should be recognized. We determine the amount of an impairment loss by comparing the historical carrying value of the property to its estimated fair value. We estimate fair value by evaluating recent financial performance and projecting discounted cash flows of properties using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our real estate properties. If we change
Intangible Assets and Liabilities	Intangible Assets and Liabilities. Intangible assets consist primarily of acquired above market operating leases where we are the lessor and below market ground leases for which we are the tenant or lessee. Intangible liabilities consist of acquired below market operating leases where we are the lessor and acquired above market ground leases for which we are the tenant or lessee. We include intangible assets in acquired real estate leases and other intangibles, net and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2024 and 2023, our intangible assets and liabilities were as follows: December 31, 2024 2023 Assets: Above market operating leases, net of accumulated amortization of $97,628 and $95,275, respectively $ 105,038 $ 126,890 Below market ground leases, net of accumulated amortization of $11,260 and $13,557, respectively 1,977 2,712 Other, net of accumulated amortization of $617 and $538, respectively 941 1,020 $ 107,956 $ 130,622 Liabilities: Below market operating leases, net of accumulated amortization of $656 and $784, respectively $ 560 $ 746 Above market ground leases, net of accumulated amortization of $293 in the 2023 period — 7 $ 560 $ 753 We amortize above and below market leases on a straight line basis over the terms of the associated leases. For the years ended December 31, 2024, 2023 and 2022, amortization relating to intangible assets was $22,666, $32,223 and $30,775, respectively, and amortization relating to intangible liabilities was $193, $205 and $235, respectively. As of December 31, 2024, the weighted average amortization period for capitalized above market leases and below market leases were 9.0 years and 6.9 years, respectively. As of December 31, 2024, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Other Below Market Operating Leases 2025 $ 18,857 $ 660 $ 78 $ (127) 2026 14,575 658 78 (121) 2027 12,467 658 78 (89) 2028 9,677 1 78 (76) 2029 8,098 — 78 (33) Thereafter 41,364 — 551 (114) Total $ 105,038 $ 1,977 $ 941 $ (560)
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash. Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed as required by certain of our debt agreements.
Debt Issuance Costs	Debt Issuance Costs.
Equity Method Investments	Equity Method Investment. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, and Sonesta’s other director serves as The RMR Group LLC, or RMR’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta.
Equity Securities	Equity Securities. We record equity securities at fair value based on their quoted market price at the end of each reporting period. Changes in the fair value of our equity securities are recorded through earnings in accordance with FASB Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities .
Fair Value of Financial Instruments	Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows: Level 1 - Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 - Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level 3 - Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
Revenue Recognition	Revenue Recognition. We report hotel operating revenues for managed hotels in our consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided.
Revenue Recognition	We report rental income for leased properties in our consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements.
Per Common Share Amounts	Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2024, 2023 and 2022, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.
Segment Information	Segment Information. As of December 31, 2024, we had two reportable segments: hotel investments and net lease investments.
Income Taxes	Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (or benefit) includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. Our tax returns filed for the 2021 through 2024 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense.
New Accounting Pronouncements	New Accounting Pronouncements. In November 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, 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. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We adopted the new standard effective December 31, 2024. As a result, we have included additional information related to the required disclosures within Note 12 to our consolidated financial statements. In December 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. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact ASU 2024-03 will have on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Intangible Assets and Liabilities	At December 31, 2024 and 2023, our intangible assets and liabilities were as follows: December 31, 2024 2023 Assets: Above market operating leases, net of accumulated amortization of $97,628 and $95,275, respectively $ 105,038 $ 126,890 Below market ground leases, net of accumulated amortization of $11,260 and $13,557, respectively 1,977 2,712 Other, net of accumulated amortization of $617 and $538, respectively 941 1,020 $ 107,956 $ 130,622 Liabilities: Below market operating leases, net of accumulated amortization of $656 and $784, respectively $ 560 $ 746 Above market ground leases, net of accumulated amortization of $293 in the 2023 period — 7 $ 560 $ 753
Schedule of Estimated Future Amortization Relating to Intangible Assets and Liabilities	As of December 31, 2024, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Other Below Market Operating Leases 2025 $ 18,857 $ 660 $ 78 $ (127) 2026 14,575 658 78 (121) 2027 12,467 658 78 (89) 2028 9,677 1 78 (76) 2029 8,098 — 78 (33) Thereafter 41,364 — 551 (114) Total $ 105,038 $ 1,977 $ 941 $ (560)
Schedule of Future Amortization of Debt Issuance Costs to be Recognized	Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, our senior notes and our net lease mortgage notes as of December 31, 2024, are as follows: Year Amount 2025 $ 17,929 2026 17,523 2027 15,020 2028 7,382 2029 5,055 Thereafter 7,024 Total $ 69,933

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Allocation of Purchase Price for Acquisitions Based on Estimated Fair Value of Acquired Assets and Assumed Liabilities	Our allocation of the purchase price for each of our acquisitions in 2023 and 2022, based on the estimated fair value of the acquired assets and assumed liabilities, is presented in the table below. We accounted for these transactions as acquisitions of assets. We did not acquire any properties during the year ended December 31, 2024. Acquisition Date Location Property Type Rooms or Suites / Square Feet Purchase Price (1) Land Buildings and Improvements Furniture, Fixtures and Equipment Properties acquired during the year ended December 31, 2023: June 1, 2023 Miami Beach, FL Hotel 250 $ 165,866 $ 83,200 $ 77,987 $ 4,679 Properties acquired during the year ended December 31, 2022: September 12, 2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — (1) Includes acquisition related costs of $466 and $51 for the years ended December 31, 2023 and 2022, respectively.
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 consolidated statements of comprehensive income (loss). Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price (1) (Loss) / Gain on Sale of Real Estate, net (2) Loss on Impairment of Real Estate, net (3) Properties sold during the year ended December 31, 2024: Hotels 15 1,910 $ 97,315 $ 9,509 $ 29,734 Net Lease 10 96,929 8,547 (3,240) 3,936 25 1,910 / 96,929 $ 105,862 $ 6,269 $ 33,670 Properties sold during the year ended December 31, 2023: Hotels 18 2,526 $ 157,230 $ 41,861 $ — Net Lease 13 160,310 13,095 1,378 6,338 31 2,526 / 160,310 $ 170,325 $ 43,239 $ 6,338 Properties sold during the year ended December 31, 2022: Hotels 65 8,296 $ 543,413 $ 48,202 $ 4,510 Net Lease 21 138,638 16,435 (384) (57) 86 8,296 / 138,638 $ 559,848 $ 47,818 $ 4,453 (1) Gross sales price is the gross contract price, excluding closing costs. (2) The 2024 period includes a gain of $1,100 related to an eminent domain land taking at one of our hotels. (3)

Management Agreements and Lea_2

Management Agreements and Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Number of Travel Centers, the Terms and Annual Minimum Rents owed by TA and Contractual Minimum Rents to be Paid	As of December 31, 2024, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows: Number of Travel Centers Initial Term End (1) Annual Minimum Rent (2) TA No. 1 Lease 34 May 14, 2033 $ 53,004 TA No. 2 Lease 36 May 14, 2033 47,033 TA No. 3 Lease 34 May 14, 2033 45,290 TA No. 4 Lease 36 May 14, 2033 47,964 TA No. 5 Lease 35 May 14, 2033 65,789 175 $ 259,080 (1) TA has five renewal options of ten years each under each of our TA leases. (2) Annual minimum rent increases by 2% each year through the initial term of ten years and any of the five ten-year extension options that may be exercised. There is no percentage rent due under our TA leases. Year Amount 2025 $ 380,743 2026 375,642 2027 371,752 2028 366,378 2029 362,395 Thereafter 1,454,236 Total $ 3,311,146
Schedule of Contractual Minimum Rent Payments to Third Parties	As of December 31, 2024, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows: Year Amount 2025 $ 14,120 2026 14,240 2027 14,184 2028 13,891 2029 14,378 Thereafter 201,838 Total lease payments 272,651 Less: imputed interest (121,805) Present value of lease liabilities (1) $ 150,846 (1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.4% and 19 years (range of three months to 63 years) and 5.7% and 34 years (range of three months to 49 years), respectively.

Other Investments (Tables)

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information for Sonesta	Summarized financial information for Sonesta as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 is as follows: December 31, 2024 2023 Total current assets $ 200,461 $ 171,265 Total noncurrent assets $ 725,599 $ 694,828 Total current liabilities $ 178,933 $ 155,935 Total noncurrent liabilities $ 373,597 $ 342,839 Non-controlling interest $ 52,964 $ 54,963 Year Ended December 31, 2024 2023 2022 Total revenues $ 815,457 $ 765,011 $ 681,434 Operating (loss) income $ (12,216) $ 5,013 $ 21,929 Net (loss) income $ (36,158) $ (10,823) $ 10,056 Net (loss) income attributable to shareholders $ (35,452) $ (11,404) $ 9,184

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Net Lease Mortgage Notes	Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of December 31, 2024 Coupon Rate Initial Term Maturity Class A $ 302,204 5.15% 5 February 2028 Class B 172,207 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 606,611 5.60%
Schedule of Principal Repayment Due	The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2024 were as follows: Year Amount 2025 $ 1,958 2026 801,958 2027 1,001,958 2028 1,000,737 2029 1,125,000 Thereafter 1,900,000 Total $ 5,831,611

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Share Awarded to Trustees, Officers and Other Employees of RMR	During the years ended December 31, 2024, 2023 and 2022, we awarded shares to our Trustees, officers and other employees of RMR as follows: Year Number of Shares Weighted Average Grant Date Fair Value Weighted Average Value of Grants 2024 1,031,329 $ 4.50 $ 4,641 2023 438,000 $ 7.88 $ 3,451 2022 433,500 $ 6.63 $ 2,874
Schedule of Shares Awarded, Vested, Forfeited and Unvested Under Share Award Plan	A summary of shares awarded, vested, forfeited and unvested under the terms of the 2012 Plan for the years ended December 31, 2024, 2023 and 2022 is as follows: 2024 2023 2022 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 609,960 $ 7.88 588,830 $ 8.81 425,030 $ 11.93 Shares awarded 1,031,329 $ 4.50 438,000 $ 7.88 433,500 $ 6.63 Shares vested (613,848) $ 6.23 (394,470) $ 9.21 (266,300) $ 10.20 Shares forfeited (3,000) $ 6.75 (22,400) $ 8.91 (3,400) $ 12.08 Unvested shares, end of year 1,024,441 $ 5.47 609,960 $ 7.88 588,830 $ 8.81
Schedule of Stock Repurchases	During the years ended December 31, 2024, 2023 and 2022, we purchased our common shares from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows: Year Aggregate Number Weighted Average Value 2024 161,387 $4.65 $751 2023 98,571 $8.14 $802 2022 69,867 $6.72 $470
Schedule of Distributions Paid on Common Shares	During the years ended December 31, 2024, 2023 and 2022, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Ordinary Income Capital Gain Return of Capital Qualified Dividend (1) 2024 $0.61 $101,150 —% —% 100.00% —% 2023 $0.80 $132,430 9.30% 86.15% 4.55% 6.25% 2022 $0.23 $38,044 —% —% 100.00% —% (1) Qualified Dividends are a subset of, and included in, the Ordinary Income amount.

Business and Property Managem_2

Business and Property Management Agreements with RMR (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized in Condensed Financial Statements	For the years ended December 31, 2024, 2023 and 2022, the business management fees, property management fees and construction supervision fees recognized in our consolidated financial statements were as follows: Year Ended December 31, 2024 2023 2022 Pursuant to business management agreement: Net business management fees (1) $ 29,653 $ 33,352 $ 35,495 Pursuant to property management agreement: Property management fees $ 6,012 $ 3,702 $ 3,998 Construction supervision fees 5,958 4,666 2,130 $ 11,970 $ 8,368 $ 6,128 Expense reimbursement: Property level expenses $ 4,445 $ 4,648 $ 3,258 (1) The net business management fees we recognized for each of the years ended December 31, 2024, 2023 and 2022 reflect a reduction of $3,585 for the amortization of the liability we recorded in connection with our former investment in RMR Inc.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision (Benefit) for Income Taxes	Our provision (benefit) for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current: Federal $ — $ — $ — State 931 (106) 385 Foreign 1,105 503 233 2,036 397 618 Deferred: Foreign (634) (1,895) (817) (634) (1,895) (817) $ 1,402 $ (1,498) $ (199)
Schedule of Reconciliation of Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate	A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: Year Ended December 31, 2024 2023 2022 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit (0.3) % 0.3 % (0.3) % Foreign taxes (0.2) % (6.9) % 0.4 % Foreign tax rate change 0.0 % 11.0 % 0.0 % Effective tax rate (0.5) % 4.4 % 0.1 %
Schedule of Significant Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2024 2023 Deferred tax assets: Tax loss carryforwards $ 140,665 $ 112,532 Other 12,782 7,973 Deferred tax assets 153,447 120,505 Valuation allowance (152,676) (120,505) Net deferred tax assets $ 771 $ — Deferred tax liabilities: Property basis difference $ (7,754) $ (7,970) Puerto Rico deferred tax gain (8,073) (8,162) Other (442) — Net deferred tax liabilities $ (16,269) $ (16,132)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The tables below present information about our segments. Year Ended December 31, 2024 Hotels Net Lease Total Revenues: Hotel operating revenues $ 1,496,705 $ — $ 1,496,705 Rental income — 400,223 400,223 Total revenues 1,496,705 400,223 1,896,928 Less: Labor and benefits (1) 557,126 3,865 560,991 Management fees 54,738 6,012 60,750 Real estate taxes and insurance 122,342 3,312 125,654 Other operating expenses (2) 539,947 6,628 546,575 Depreciation and amortization 221,299 150,487 371,786 Interest expense — 46,231 46,231 Other segment items (3) 36,746 19,687 56,433 Segment (loss) profit (35,493) 164,001 128,508 Reconciliation of segment profit or loss: General and administrative (40,239) Interest income 3,648 Interest expense (337,561) Loss on early extinguishment of debt, net (16,181) Income tax expense (1,402) Equity in losses of an investee (12,299) Net loss $ (275,526) (1) Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 8. (2) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties. (3) Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable. Year Ended December 31, 2023 Hotels Net Lease Total Revenues: Hotel operating revenues $ 1,478,034 $ — $ 1,478,034 Rental income — 395,829 395,829 Total revenues 1,478,034 395,829 1,873,863 Less (plus): Labor and benefits (1) 534,620 4,279 538,899 Management fees 54,192 3,702 57,894 Real estate taxes and insurance 109,287 3,465 112,752 Other operating expenses (2) 525,807 6,217 532,024 Depreciation and amortization 216,235 167,825 384,060 Interest expense — 40,920 40,920 Other segment items (3) (42,003) 8,021 (33,982) Segment profit 79,896 161,400 241,296 Reconciliation of segment profit: General and administrative (45,397) Transaction related costs 1,623 Gain on equity securities, net 48,837 Interest income 20,692 Interest expense (295,422) Loss on early extinguishment of debt (1,524) Income tax benefit 1,498 Equity in losses of an investee (4,382) Net loss $ (32,779) (1) Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 8. (2) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties. (3) Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable. Year Ended December 31, 2022 Hotels Net Lease Total Revenues: Hotel operating revenues $ 1,467,344 $ — $ 1,467,344 Rental income — 395,667 395,667 Total revenues 1,467,344 395,667 1,863,011 Less (plus): Labor and benefits (1) 511,364 2,973 514,337 Management fees 53,385 3,998 57,383 Real estate taxes and insurance 121,733 2,398 124,131 Other operating expenses (2) 540,875 3,807 544,682 Depreciation and amortization 221,416 179,692 401,108 Other segment items (3) (37,689) 807 (36,882) Segment profit 56,260 201,992 258,252 Reconciliation of segment profit: General and administrative (44,404) Transaction related costs (1,920) Loss on equity securities, net (8,104) Interest income 3,326 Interest expense (341,795) Loss on early extinguishment of debt (791) Income tax benefit 199 Equity in earnings of an investee 2,856 Net loss $ (132,381) (1) Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 8. (2) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties. (3) Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable. As of December 31, 2024 2023 2022 Assets: Hotels $ 3,897,132 $ 3,943,213 $ 3,882,701 Net Lease 2,942,585 3,084,686 3,376,295 Corporate 279,841 328,217 229,195 Total assets $ 7,119,558 $ 7,356,116 $ 7,488,191 As of December 31, 2024 2023 2022 Capital expenditures: Hotels $ 297,398 $ 232,053 $ 110,343 Net Lease 5,494 3,477 5,584 Total capital expenditures $ 302,892 $ 235,530 $ 115,927

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Carried at Fair Value Categorized by Level of Inputs	The table below presents certain of our assets carried at fair value at December 31, 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) $ 14,664 $ — $ 13,382 $ 1,282 Assets of properties held and used (3) $ 7,408 $ — $ — $ 7,408 (1) We recorded impairment charges totaling $13,641 during the year ended December 31, 2024, to reduce the carrying value of three hotels and two net lease properties in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $687, 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 $4,512 during the year ended December 31, 2024, to reduce the carrying value of one net lease property in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $68, 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 year ended December 31, 2024, to reduce the carrying value of one net lease property in our 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 Values of Financial Instruments	At December 31, 2024 and 2023, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: December 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Value (1) Value Value (1) 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% 348,730 339,889 347,601 339,780 Senior Unsecured Notes, due 2026 at 4.75% 448,957 425,237 448,347 419,909 Senior Unsecured Notes, due 2027 at 4.95% 398,428 373,796 397,672 362,108 Senior Guaranteed Unsecured Notes, due 2027 at 5.50% 446,758 420,809 445,631 412,002 Net Lease Mortgage Notes, due 2028 at 5.60% 568,283 585,236 558,876 585,784 Senior Unsecured Notes, due 2028 at 3.95% 396,505 335,056 395,355 327,708 Senior Guaranteed Unsecured Notes, due 2029 at 8.375% 682,934 676,725 — — Senior Unsecured Notes, due 2029 at 4.95% 421,269 338,071 420,477 351,726 Senior Unsecured Notes, due 2030 at 4.375% 394,189 301,752 393,056 310,524 Senior Secured Notes, due 2031 at 8.625% 972,073 1,040,590 968,017 1,047,430 Senior Guaranteed Unsecured Notes, due 2032 at 8.875% 482,577 462,755 — — Total financial liabilities $ 5,560,703 $ 5,299,916 $ 5,520,220 $ 5,307,547 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs.

Organization (Details)

Organization (Details)	Dec. 31, 2024 property hotel tenant
Real Estate Properties [Line Items]
Number of properties owned | property	948
Hotels
Real Estate Properties [Line Items]
Number of properties owned	206
Hotels | IHG Agreement
Real Estate Properties [Line Items]
Number of properties owned	1
Hotels | Sonesta International Hotels Corporation | Related Party
Real Estate Properties [Line Items]
Number of properties owned	181
Hotels | Hyatt Hotels Corporation | Related Party
Real Estate Properties [Line Items]
Number of properties owned	17
Hotels | Radisson Hospitality, Inc | Related Party
Real Estate Properties [Line Items]
Number of properties owned	7
Net Lease
Real Estate Properties [Line Items]
Number of properties owned | property	742
Number of tenants | tenant	177

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Ownership interest in subsidiaries (as percent)	100%
Assets of TRSs	$ 7,119,558	$ 7,356,116	$ 7,488,191
Liabilities of TRSs	6,267,685	6,129,983
Loss on asset impairment, net	$ 56,212	9,544	$ 10,989
Maximum | Buildings and Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Maximum | Personal Property
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	12 years
Consolidated
Property, Plant and Equipment [Line Items]
Assets of TRSs	$ 144,079	142,789
Liabilities of TRSs	$ 78,749	$ 81,262

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Acquired real estate leases and other intangibles, net	$ 107,956	$ 130,622
Intangible assets, net	107,956	130,622
Liabilities:
Intangible liabilities, net	560	753
Above market operating leases, net of accumulated amortization of $97,628 and $95,275, respectively
Assets:
Acquired real estate leases and other intangibles, net	105,038	126,890
Intangible assets, accumulated amortization	97,628	95,275
Below market ground leases, net of accumulated amortization of $11,260 and $13,557, respectively
Assets:
Acquired real estate leases and other intangibles, net	1,977	2,712
Intangible assets, accumulated amortization	11,260	13,557
Other, net of accumulated amortization of $617 and $538, respectively
Assets:
Acquired real estate leases and other intangibles, net	941	1,020
Intangible assets, accumulated amortization	617	538
Below market operating leases, net of accumulated amortization of $656 and $784, respectively
Liabilities:
Intangible liabilities, net	560	746
Intangible liabilities, accumulated amortization	656	784
Above market ground leases, net of accumulated amortization of $293 in the 2023 period
Liabilities:
Intangible liabilities, net	$ 0	7
Intangible liabilities, accumulated amortization		$ 293

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of Intangible Assets	$ 22,666	$ 32,223	$ 30,775
Amortization relating to intangible liabilities	$ 193	$ 205	$ 235
Above Market Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization period of above and below market leases (in years)	9 years
Below Market Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization period of above and below market leases (in years)	6 years 10 months 24 days

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Estimated Future Amortization Relating to Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Total future amortization, intangible assets	$ 107,956	$ 130,622
Total future amortization, intangible liabilities	560	753
Above Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2025, intangible assets	18,857
2026, intangible assets	14,575
2027, intangible assets	12,467
2028, intangible assets	9,677
2029, intangible assets	8,098
Thereafter, intangible assets	41,364
Total future amortization, intangible assets	105,038	126,890
Below Market Ground Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2025, intangible assets	660
2026, intangible assets	658
2027, intangible assets	658
2028, intangible assets	1
2029, intangible assets	0
Thereafter, intangible assets	0
Total future amortization, intangible assets	1,977
Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2025, intangible assets	78
2026, intangible assets	78
2027, intangible assets	78
2028, intangible assets	78
2029, intangible assets	78
Thereafter, intangible assets	551
Total future amortization, intangible assets	941	1,020
Below Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2025, intangible liabilities	127
2026, intangible liabilities	121
2027, intangible liabilities	89
2028, intangible liabilities	76
2029, intangible liabilities	33
Thereafter, intangible liabilities	114
Total future amortization, intangible liabilities	$ 560	$ 746

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Debt issuance costs for revolving credit facility	$ 13,190	$ 12,379
Accumulated amortization of debt issuance costs for revolving credit facility	4,958	1,502
Senior Notes
Debt and Equity Securities, FV-NI [Line Items]
Debt issuance costs, net of accumulated amortization	44,083	35,016
Mortages
Debt and Equity Securities, FV-NI [Line Items]
Debt issuance costs, net of accumulated amortization	$ 17,618	$ 22,332

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Future Amortization of Debt Issuance Costs to be Recognized (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Amount
2025	$ 17,929
2026	17,523
2027	15,020
2028	7,382
2029	5,055
Thereafter	7,024
Future amortization of debt issuance costs, total	$ 69,933

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Equity Method Investments (Details)	Dec. 31, 2024	Dec. 31, 2023
Sonesta International Hotels Corporation
Debt and Equity Securities, FV-NI [Line Items]
Noncontrolling interest, ownership (as percent)	34%	34%

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Revenue Recognition and Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Straight line rent adjustments	$ 18,541	$ 13,165	$ (7,767)
Straight line rent receivable	$ 81,574	56,833
Number of reportable segments | segment	2
Related Party
Related Party Transaction [Line Items]
Deferred percentage rental income	$ 2,707	$ 6,600	$ 10,578

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 28, 2025 USD ($) ft² property	Feb. 24, 2025 USD ($) ft² hotel key property	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) hotel	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) ft² room	Dec. 31, 2023 USD ($) ft² hotel room	Dec. 31, 2023 USD ($) ft² property room	Dec. 31, 2022 USD ($) ft² property room	Dec. 31, 2024 hotel	Dec. 31, 2024 room	Dec. 31, 2024 property	Dec. 31, 2024 leaseAgreement	Dec. 31, 2024 ft²	Dec. 31, 2024 key
Real Estate Properties [Line Items]
Number of properties owned | property													948
Aggregate carrying value held-for-sale			$ 9,704,100	$ 9,704,100	$ 9,704,100	$ 9,704,100
Carrying value of net lease properties held for sale			90,756	90,756	90,756	90,756
Land			1,930,459	1,930,459	1,930,459	1,930,459	$ 1,972,145	$ 1,972,145	$ 1,972,145
Building and improvements			7,342,164	7,342,164	7,342,164	7,342,164	7,443,750	7,443,750	7,443,750
Furniture, fixtures and equipment			340,721	340,721	340,721	340,721	370,442	370,442	370,442
Capital improvements from leased facilities, funded				303,600			200,894			$ 103,646
Rental expense related to operating leases				9,476			9,618			11,148
Net proceeds from sale of real estate				102,382			156,432			$ 554,087
Carrying value			$ 9,613,344	9,613,344	$ 9,613,344	$ 9,613,344	9,786,337	$ 9,786,337	$ 9,786,337
Disposal Group, Disposed of By Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties sold | property						25			31	86
Aggregate sale price				105,862			170,325			$ 559,848
Assets Held for Sale
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²															183,292
Hotels and Net Lease Properties
Real Estate Properties [Line Items]
Capital improvements from leased facilities, funded				302,892			$ 235,530			$ 115,927
Hotels
Real Estate Properties [Line Items]
Number of properties owned | hotel											206
Number of rooms/suites | room												35,871
Number of properties on leased land											8		8
Ground lease remaining term (in years)			38 years
Number of ground leases | leaseAgreement														3
Number of ground leases requiring specified minimum annual rents | leaseAgreement														7
Average ground lease annual rents				337
Number of ground leases with future rents prepaid | leaseAgreement														1
Hotels | Disposal Group, Disposed of By Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of rooms/suites | room							2,526	2,526	2,526	8,296		1,910
Number of properties sold					14	15		2	18	65
Aggregate sale price				97,315			$ 157,230			$ 543,413
Hotels | Disposal Group, Disposed of By Sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Number of rooms/suites | key		149
Aggregate sale price		$ 4,000
Properties to be sold | hotel		1
Hotels | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties owned | hotel											8
Number of rooms/suites | room												1,006
Net proceeds from sale of real estate				38,537
Properties to be sold | property													2
Number of units related to real estate properties to be sold or rebranded | key																234
Hotels | Assets Held for Sale | Subsequent Event
Real Estate Properties [Line Items]
Number of rooms/suites | key		623
Net proceeds from sale of real estate		$ 28,500
Properties to be sold | hotel		5
Hotels | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term (in years)			10 years
Hotels | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term (in years)			63 years
Net Lease
Real Estate Properties [Line Items]
Number of properties owned | property													742
Area of real estate (in sqft) | ft²															13,292,519
Number of properties on leased land | property													13
Ground lease remaining term (in years)			18 years
Net Lease | Subsequent Event
Real Estate Properties [Line Items]
Properties to be sold | property		2
Net Lease | Forecast | Subsequent Event
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²	5,120
Number of real estate properties acquired | property	1
Purchase price	$ 5,297
Net Lease | Disposal Group, Disposed of By Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²							160,310	160,310	160,310	138,638					96,929
Number of properties sold | property						10			13	21
Aggregate sale price				8,547			$ 13,095			$ 16,435
Net Lease | Disposal Group, Disposed of By Sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²		49,081
Aggregate sale price		$ 1,300
Properties to be sold | property		2
Net Lease | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties owned | property													9
Carrying value			$ 3,278	3,278	$ 3,278	$ 3,278
Properties to be sold | property													6
Area of real estate to be sold (in sqft) | ft²															80,249
Net Lease | Assets Held for Sale | Subsequent Event
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²		155,559
Net proceeds from sale of real estate		$ 5,800
Net Lease | Land
Real Estate Properties [Line Items]
Rental expense related to operating leases				$ 505
Net Lease | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term (in years)			4 months
Net Lease | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term (in years)			40 years

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Allocation of Purchase Price for Acquisitions Based on Estimated Fair Value of Acquired Assets and Assumed Liabilities (Details) $ in Thousands			12 Months Ended
	Jun. 01, 2023 USD ($) ft²	Sep. 12, 2022 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Acquisition related costs			$ 466	$ 51
Stoughton, MA | Land
Real Estate Properties [Line Items]
Rooms or Suites / Square Feet | ft²		0
Purchase Price		$ 2,766
Land		2,766
Buildings and Improvements		0
Furniture, Fixtures and Equipment		$ 0
Hotels | Miami Beach, FL
Real Estate Properties [Line Items]
Rooms or Suites / Square Feet | ft²	250
Purchase Price	$ 165,866
Land	83,200
Buildings and Improvements	77,987
Furniture, Fixtures and Equipment	$ 4,679

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Sale of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² room	Dec. 31, 2024 ft² room property	Dec. 31, 2024 ft² hotel room	Dec. 31, 2023 USD ($) ft² room	Dec. 31, 2023 ft² property room	Dec. 31, 2023 ft² hotel room	Dec. 31, 2022 USD ($) ft² property room
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) / Gain on Sale of Real Estate, net	$ 6,269			$ 43,239			$ 47,818
Loss on Impairment of Real Estate, net	22,542			3,206			$ 6,536
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) / Gain on Sale of Real Estate, net	1,100
Disposal Group, Disposed of By Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property		25			31		86
Gross Sales Price	105,862			170,325			$ 559,848
(Loss) / Gain on Sale of Real Estate, net	6,269			43,239			47,818
Loss on Impairment of Real Estate, net	$ 33,670			$ 6,338			$ 4,453
Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms or Suites | room	35,871	35,871	35,871
Hotels | Disposal Group, Disposed of By Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		15	14		18	2	65
Rooms or Suites | room	1,910	1,910	1,910	2,526	2,526	2,526	8,296
Gross Sales Price	$ 97,315			$ 157,230			$ 543,413
(Loss) / Gain on Sale of Real Estate, net	9,509			41,861			48,202
Loss on Impairment of Real Estate, net	$ 29,734			$ 0			$ 4,510
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²	13,292,519	13,292,519	13,292,519
Net Lease | Disposal Group, Disposed of By Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property		10			13		21
Square Feet | ft²	96,929	96,929	96,929	160,310	160,310	160,310	138,638
Gross Sales Price	$ 8,547			$ 13,095			$ 16,435
(Loss) / Gain on Sale of Real Estate, net	(3,240)			1,378			(384)
Loss on Impairment of Real Estate, net	$ 3,936			$ 6,338			$ (57)

Management Agreements and Lea_3

Management Agreements and Leases - Narrative (Details)	Dec. 31, 2024 property hotel tenant agreement
Management Agreements and Leases [Line Items]
Number of properties | property	948
Hotels
Management Agreements and Leases [Line Items]
Number of properties	206
Number of renewal options | agreement	4
Hotels | IHG Agreement
Management Agreements and Leases [Line Items]
Number of properties	1
Hotels | Hyatt Hotels Corporation | Related Party
Management Agreements and Leases [Line Items]
Number of properties	17
Hotels | Radisson Hospitality, Inc | Related Party
Management Agreements and Leases [Line Items]
Number of properties	7
Net Lease
Management Agreements and Leases [Line Items]
Number of properties | property	742
Number of tenants | tenant	177
Net Lease | TravelCenters of America Inc. | Related Party
Management Agreements and Leases [Line Items]
Number of properties | property	175

Management Agreements and Lea_4

Management Agreements and Leases - Sonesta Agreement (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2023 hotel	Dec. 31, 2024 USD ($) renewalOption hotel	Dec. 31, 2024 USD ($) renewalOption hotel	Dec. 31, 2024 USD ($) property hotel renewalOption	Dec. 31, 2024 USD ($) hotel renewalOption	Dec. 31, 2024 USD ($) renewalOption hotel	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) property
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 303,600				$ 200,894			$ 103,646
Due from related persons		$ 3,911	$ 3,911	$ 3,911	$ 3,911	$ 3,911	6,376	$ 6,376	$ 6,376
Disposed of by Sale
Management Agreements and Leases [Line Items]
Number of properties sold | property				25				31		86
Sonesta Agreement
Management Agreements and Leases [Line Items]
Percentage of gross revenues from hotel operations placed into escrow						5%
Hotels | Disposed of by Sale
Management Agreements and Leases [Line Items]
Number of properties sold				15	14			18	2	65
Hotels | Sonesta Agreement
Management Agreements and Leases [Line Items]
Number of renewal options | renewalOption		2	2	2	2	2
Term of renewal options (in years)		15 years
Payment for additional return (as percent)		80%	80%	80%	80%	80%
Realized returns under Sonesta agreement			$ 189,386				226,181			$ 196,721
Capital improvements from leased facilities, funded			258,337				172,028
Related party transaction, management, marketing and reservation system fees			119,628				118,146			$ 114,563
Procurement and construction supervisory fees			2,877				1,791
Advanced working capital		$ 46,466	46,466	$ 46,466	$ 46,466	$ 46,466	48,490	$ 48,490	$ 48,490
Option to terminate if not meeting performance thresholds		3 years
Option to terminate if not meeting performance thresholds, consecutive years		4 years
Sonesta International Hotels Corporation | Hotels
Management Agreements and Leases [Line Items]
Due to related party, reimbursement of capital expenditures and other		$ 18,199	18,199	18,199	18,199	$ 18,199	13,300	13,300	13,300
Sonesta International Hotels Corporation | Hotels | Real Estate Assets at Cost | Credit Concentration
Management Agreements and Leases [Line Items]
Concentration risk (as percent)						50%
Sonesta International Hotels Corporation | Hotels | Return Of Capital
Management Agreements and Leases [Line Items]
Due from related persons		3,911	3,911	3,911	3,911	$ 3,911	6,376	6,376	6,376
Annual priority return under Sonesta agreement		356,172	356,172	356,172	356,172	356,172
Sonesta International Hotels Corporation | Hotels | Sonesta Agreement
Management Agreements and Leases [Line Items]
Number of real estate properties acquired | hotel	1
Sonesta International Hotels Corporation | Hotels | Sonesta Agreement | Return Of Capital
Management Agreements and Leases [Line Items]
Due from related persons		$ 15,488	$ 15,488	$ 15,488	$ 15,488	$ 15,488	$ 10,321	$ 10,321	$ 10,321
Sonesta International Hotels Corporation | Hotels | Full Service Hotel
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel		39	39	39	39	39
Sonesta International Hotels Corporation | Hotels | Limited Services Hotel
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel		100	100	100	100	100
Sonesta International Hotels Corporation | Hotels | Select Service Hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel		42	42	42	42	42

Management Agreements and Lea_5

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Dec. 31, 2024 USD ($) hotel property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property		948
Capital improvements from leased facilities, funded		$ 303,600	$ 200,894	$ 103,646
Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel		206
Hotels | Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Annual minimum returns and rents		$ 17,455
Limited guarantee amount		$ 30,000
Limited guarantee, percentage of annual minimum returns		75%
Realized returns		$ 5,860	9,371	$ 12,281
Working capital expensed (funded)	$ 2,300
Capital improvements from leased facilities, funded		31,665	46,679
Increase in annual owner's priority returns		$ 1,900	$ 2,801
Hyatt Hotels Corporation | Hotels | Related Party
Management Agreements and Leases [Line Items]
Number of properties | hotel		17

Management Agreements and Lea_6

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) hotel property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	948
Capital improvements from leased facilities, funded	$ 303,600	$ 200,894	$ 103,646
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	778	7,660
Increase in annual owner's priority returns	$ 47	460
Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel	206
Hotels | Radisson Agreement
Management Agreements and Leases [Line Items]
Annual minimum returns and rents	$ 10,913
Limited guarantee amount	$ 22,000
Limited guarantee, percentage of annual minimum returns	75%
Realized returns	$ 6,518	6,266	$ 6,387
Property agreement guarantee payment to cover shortfall		$ 650
Available balance of guaranty	$ 21,350
Radisson Hospitality, Inc | Hotels | Related Party
Management Agreements and Leases [Line Items]
Number of properties | hotel	7

Management Agreements and Lea_7

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)
Management Agreements and Leases [Line Items]
Net operating (loss) return	$ 139,391	$ 485,549	$ 243,127
Capital improvements from leased facilities, funded	$ 303,600	200,894	103,646
Marriott Contracts | Hotels
Management Agreements and Leases [Line Items]
Net operating (loss) return		(2,762)	8,942
Capital improvements from leased facilities, funded		$ 0	$ 0
Marriott Contracts | Marriott International, Inc. | Hotels
Management Agreements and Leases [Line Items]
Number of properties sold | hotel		16

Management Agreements and Lea_8

Management Agreements and Leases - IHG Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) hotel property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	948
Realized returns under management agreement	$ 139,391	$ 485,549	$ 243,127
Capital improvements from leased facilities, funded	$ 303,600	200,894	103,646
Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel	206
IHG Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 1,124	542
IHG Agreement | Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel	1
Realized returns under management agreement	$ 5,051	4,800	$ 3,561
Working capital recovered		$ 5,797

Management Agreements and Lea_9

Management Agreements and Leases - Net Lease Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² property brand industry tenant
Management Agreements and Leases [Line Items]
Number of properties owned	948
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned	742
Area of real estate (in sqft) | ft²	13,292,519
Annual minimum returns and rents | $	$ 380,863
Weighted average lease term (in years)	8 years
Percentage of portfolio leased by tenants	97.60%
Number of tenants | tenant	177
Number of brands | brand	136
Number of industries | industry	21

Management Agreements and Le_10

Management Agreements and Leases - TA Leases (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) property leaseOption	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property		948
Rental income		$ 400,223	$ 395,829	$ 395,667
Straight line rent adjustments		18,541	13,165	(7,767)
Reduction (increase) of rental income		(2,158)	(4,927)	320
COVID-19
Management Agreements and Leases [Line Items]
Reserves for uncollectible rents		5,058	3,436
TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Monthly rent credit amount		$ 25,000
Lease term (in years)		10 years
Deferred percentage rental income			3,507	10,578
BP Products North America Inc.
Management Agreements and Leases [Line Items]
Guarantee obligations		$ 3,037,475
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income		128,889	129,566	135,522
Straight line rent adjustments		$ 4,269	5,233	5,367
Net Lease
Management Agreements and Leases [Line Items]
Number of properties | property		742
Annual minimum returns and rents		$ 380,863
Net Lease | TravelCenters of America Inc. | Related Party
Management Agreements and Leases [Line Items]
Number of properties | property		175
Travel Centers | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Renewal options | leaseOption		5
Annual minimum returns and rents		$ 259,080
Lease term (in years)		10 years
Rental income		$ 271,334	266,263	259,093
Straight line rent adjustments		14,272	7,932	$ (13,143)
Quarterly payments to deferred rent receivable	$ 4,404
Accruals for unpaid rent, including deferred rents		$ 40,097	$ 19,816
TravelCenters of America LLC | Net Lease | Real Estate Assets at Cost | Credit Concentration | TravelCenters of America Inc. | Related Party
Management Agreements and Leases [Line Items]
Concentration risk (as percent)		28.70%

Management Agreements and Le_11

Management Agreements and Leases - Schedule of Number of Travel Centers, the Terms and Annual Minimum Rents owed by TA (Details) - TravelCenters of America Inc. $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) travelCenter leaseOption
Management Agreements and Leases [Line Items]
Lease term (in years)	10 years
Travel Centers
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter	175
Annual Minimum Rent | $	$ 259,080
Lease term (in years)	10 years
Renewal options (in years)	10 years
Annual minimum rent increase (as percent)	2%
Renewal options | leaseOption	5
TA No. 1 Lease | Travel Centers
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter	34
Annual Minimum Rent | $	$ 53,004
TA No. 2 Lease | Travel Centers
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter	36
Annual Minimum Rent | $	$ 47,033
TA No. 3 Lease | Travel Centers
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter	34
Annual Minimum Rent | $	$ 45,290
TA No. 4 Lease | Travel Centers
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter	36
Annual Minimum Rent | $	$ 47,964
TA No. 5 Lease | Travel Centers
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter	35
Annual Minimum Rent | $	$ 65,789

Management Agreements and Le_12

Management Agreements and Leases - Schedule of Contractual Minimum Rents to be Paid (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 380,743
2026	375,642
2027	371,752
2028	366,378
2029	362,395
Thereafter	1,454,236
Total	$ 3,311,146

Management Agreements and Le_13

Management Agreements and Leases - Additional Lease Information (As Lessor) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 hotel	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Right of use asset		$ 157,127				$ 150,846
Lease liability		$ 157,127				$ 150,846
Operating lease, right-of-use asset, statement of financial position, extensible list	Other assets, net	Other assets, net
Operating lease, liability, statement of financial position, extensible list	Accounts payable and other liabilities and due to related persons	Accounts payable and other liabilities and due to related persons
Rental expense related to operating leases	$ 9,476	$ 9,618	$ 11,148
Hotels
Lessee, Lease, Description [Line Items]
Number of properties on leased land				8	8

Management Agreements and Le_14

Management Agreements and Leases - Schedule of Contractual Minimum Rent Payments to Third Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2025	$ 14,120
2026	14,240
2027	14,184
2028	13,891
2029	14,378
Thereafter	201,838
Total lease payments	272,651
Less: imputed interest	(121,805)
Present value of lease liabilities	$ 150,846	$ 157,127
Land
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability (as percent)	5.40%
Lease term (in years)	19 years
Land | Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	3 months
Land | Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	63 years
Hotel Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability (as percent)	5.70%
Lease term (in years)	34 years
Hotel Operating Leases | Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	3 months
Hotel Operating Leases | Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	49 years

Other Investments - Narrative (

Other Investments - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 27, 2020 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property	May 15, 2023 USD ($) $ / shares shares
Schedule of Equity Method Investments [Line Items]
Equity method investment		$ 115,818	$ 113,304
Equity in (losses) earnings of an investee		(12,299)	(4,382)	$ 2,856
Capital contribution funded		$ 15,266	5,134	45,470
Number of properties | property		948
TravelCenters of America Inc. | BP Products North America Inc.
Schedule of Equity Method Investments [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares					$ 86
TravelCenters of America LLC
Schedule of Equity Method Investments [Line Items]
Number of common shares owned (in shares) | shares					1,184,797
Outstanding shares of common stock (as percent)					7.80%
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of an investee		$ (12,299)	(4,382)	2,856
Decrease in hotel operating expense		2,484	2,484	2,484
Capital contribution funded		15,266	5,134	$ 45,470
Number of properties | property				4
TravelCenters of America LLC
Schedule of Equity Method Investments [Line Items]
Historical cost of securities					$ 24,418
Carrying value					$ 101,893
Marketable security gain (loss)			48,837	$ (8,104)
Sonesta Agreement
Schedule of Equity Method Investments [Line Items]
Equity method investment		115,818	113,304
Amount of cost basis exceeding book value	$ 8,000
Amortization period (in years)	31 years
Amortization of basis difference		260	260	$ 260
Liability of the fair value of initial investment		42,000
Unamortized balance		$ 29,995	$ 32,479
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership (as percent)		34%	34%

Other Investments - Schedule of

Other Investments - Schedule of Financial Information for Sonesta (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 1,896,928	$ 1,873,863	$ 1,863,011
Net (loss) income attributable to shareholders	(275,526)	(32,779)	(132,381)
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Total current assets	200,461	171,265
Total noncurrent assets	725,599	694,828
Total current liabilities	178,933	155,935
Total noncurrent liabilities	373,597	342,839
Non-controlling interest	52,964	54,963
Total revenues	815,457	765,011	681,434
Operating (loss) income	(12,216)	5,013	21,929
Net (loss) income	(36,158)	(10,823)	10,056
Net (loss) income attributable to shareholders	$ (35,452)	$ (11,404)	$ 9,184

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands

1 Months Ended

12 Months Ended

Jan. 27, 2025 USD ($) property

Feb. 10, 2023 USD ($)

Jun. 30, 2024 USD ($)

Dec. 31, 2024 USD ($) hotel property extensionOption room

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Feb. 28, 2025 USD ($) key travelCenter

Feb. 24, 2025 USD ($)

Sep. 30, 2024

Debt Instrument [Line Items]

Revolving credit facility

$ 150,000

$ 0

Proceeds from senior secured notes, net of discounts

1,165,007

985,900

$ 0

Gain (loss) on extinguishment of debt

16,181

1,524

791

Extinguishment of debt, amount

$ 2,569

0

$ 0

Revolving Credit Facility

Debt Instrument [Line Items]

Debt instrument, collateral property, yield (as percent)

8.50%

12%

Covenant coverage ratio

1.50

Revolving Credit Facility | Forecast

Debt Instrument [Line Items]

Debt instrument, collateral property, yield (as percent)

12%

11%

10%

9.50%

Covenant coverage ratio

1.30

Debt service coverage ratio level

1.50

Revolving Credit Facility | Subsequent Event | Forecast

Debt Instrument [Line Items]

Debt instrument, collateral property, yield (as percent)

10%

Hotels

Debt Instrument [Line Items]

Number of units in real estate property | room

35,871

Hotels | Revolving Credit Facility | Subsequent Event | Forecast | Collateral One

Debt Instrument [Line Items]

Number of properties collateralized | travelCenter

49

Number of units in real estate property | key

8,197

Aggregate gross book value of real estate assets collateralized

$ 1,402,307

Hotels | Revolving Credit Facility | Subsequent Event | Forecast | Collateral Two

Debt Instrument [Line Items]

Number of properties collateralized | travelCenter

38

Number of units in real estate property | travelCenter

5,078

Aggregate gross book value of real estate assets collateralized

$ 689,592

Net Lease

Debt Instrument [Line Items]

Annual minimum returns

$ 380,863

Net Lease | Revolving Credit Facility | Subsequent Event | Forecast | TravelCenters of America Inc.

Debt Instrument [Line Items]

Number of properties collateralized | travelCenter

35

Aggregate gross book value of real estate assets collateralized

$ 601,684

Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate outstanding principal amount of senior unsecured notes

4,020,347

3,993,327

Senior Secured Notes

Debt Instrument [Line Items]

Aggregate outstanding principal amount of senior unsecured notes

$ 972,073

968,017

Net Lease Mortgage Notes, due 2028 at 5.60%

Debt Instrument [Line Items]

Interest rate stated (as percent)

5.60%

Senior Guaranteed Unsecured Notes, due 2029 at 8.375%

Debt Instrument [Line Items]

Interest rate stated (as percent)

8.375%

Senior Guaranteed Unsecured Notes, due 2032 at 8.875%

Debt Instrument [Line Items]

Interest rate stated (as percent)

8.875%

Senior Secured Notes, due 2031 at 8.625%

Debt Instrument [Line Items]

Interest rate stated (as percent)

8.625%

Senior Unsecured Notes, due 2025 at 7.50%

Debt Instrument [Line Items]

Interest rate stated (as percent)

7.50%

Senior Unsecured Notes, due 2025 at 4.50%

Debt Instrument [Line Items]

Interest rate stated (as percent)

4.50%

Variable Funding Note | Subsequent Event

Debt Instrument [Line Items]

Secured revolving credit facility

$ 45,000

Debt instrument, basis spread on variable rate (as percent)

1.75%

Extension term (in years)

1 year

Unused commitment fee

0.50%

Revolving Credit Facility

Debt Instrument [Line Items]

Revolving credit facility

$ 150,000

$ 0

Secured revolving credit facility

$ 650,000

Number of extension options | extensionOption

2

Extension term (in months)

6 months

Leverage ratio limit (as percent)

2.50%

Properties with first mortgage liens | property

69

Undepreciated carrying value

$ 1,717,254

Interest rate (as percent)

6.99%

7.88%

Weighted average interest rate (as percent)

7.43%

Available for borrowing

$ 500,000

Revolving Credit Facility | Subsequent Event

Debt Instrument [Line Items]

Revolving credit facility

$ 50,000

Available for borrowing

$ 600,000

Revolving Credit Facility | Hotels

Debt Instrument [Line Items]

Properties with first mortgage liens | hotel

66

Debt instrument, collateral properties to be sold | property

3

Revolving Credit Facility | Net Lease

Debt Instrument [Line Items]

Properties with first mortgage liens | property

3

Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate (as percent)

1.50%

Facility fee

0.20%

Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate (as percent)

3%

Facility fee

0.30%

Senior Notes

Debt Instrument [Line Items]

Proceeds from senior secured notes, net of discounts

$ 1,162,077

Senior Notes | Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate outstanding principal amount of senior unsecured notes

$ 4,075,000

Senior Notes | Senior Secured Notes

Debt Instrument [Line Items]

Aggregate outstanding principal amount of senior unsecured notes

1,000,000

Senior Notes | Senior Guaranteed Unsecured Notes, due 2029 at 8.375%

Debt Instrument [Line Items]

Principal amount

$ 700,000

Interest rate stated (as percent)

8.375%

Senior Notes | Senior Guaranteed Unsecured Notes, due 2032 at 8.875%

Debt Instrument [Line Items]

Principal amount

$ 500,000

Interest rate stated (as percent)

8.875%

Senior Notes | Senior Secured Notes, due 2031 at 8.625%

Debt Instrument [Line Items]

Interest rate stated (as percent)

8.625%

Senior Notes | Senior Unsecured Notes, due 2025 at 7.50%

Debt Instrument [Line Items]

Interest rate stated (as percent)

7.50%

Principal amount

$ 800,000

Gain (loss) on extinguishment of debt

17,681

Senior Notes | Senior Unsecured Notes, due 2025 at 4.50%

Debt Instrument [Line Items]

Principal amount

$ 350,000

Interest rate stated (as percent)

4.50%

Principal amount

$ 272,803

Gain (loss) on extinguishment of debt

$ (1,500)

Debt instrument, repurchase amount

270,396

Extinguishment of debt, amount

$ 77,197

Mortages

Debt Instrument [Line Items]

Principal amount

$ 610,200

Redemption period (in months)

24 months

Debt instrument, collateral properties | property

315

Annual minimum returns

$ 66,632

Aggregate undepreciated carrying value

760,033

Mortages | Subsequent Event

Debt Instrument [Line Items]

Debt instrument, collateral properties | property

315

Mortages | Net Lease Mortgage Notes, due 2028 at 5.60%

Debt Instrument [Line Items]

Principal amount

$ 606,611

Interest rate stated (as percent)

5.60%

Mortages | Coupon Rate 5.15%

Debt Instrument [Line Items]

Principal amount

$ 302,204

Interest rate stated (as percent)

5.15%

Debt instrument, monthly redemption price (as percent)

0.50%

Mortages | Coupon Rate 5.55%

Debt Instrument [Line Items]

Principal amount

$ 172,207

Interest rate stated (as percent)

5.55%

Debt instrument, monthly redemption price (as percent)

0.25%

Indebtedness - Schedule of Net

Indebtedness - Schedule of Net Lease Mortgage Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Feb. 10, 2023
Mortages
Debt Instrument [Line Items]
Principal Outstanding		$ 610,200
Coupon Rate 5.15% | Mortages
Debt Instrument [Line Items]
Principal Outstanding	$ 302,204
Coupon Rate (as percent)	5.15%
Initial Term (in years)	5 years
Coupon Rate 5.55% | Mortages
Debt Instrument [Line Items]
Principal Outstanding	$ 172,207
Coupon Rate (as percent)	5.55%
Initial Term (in years)	5 years
Coupon Rate 6.70% | Mortages
Debt Instrument [Line Items]
Principal Outstanding	$ 132,200
Coupon Rate (as percent)	6.70%
Initial Term (in years)	5 years
Net Lease Mortgage Notes, due 2028 at 5.60%
Debt Instrument [Line Items]
Coupon Rate (as percent)	5.60%
Net Lease Mortgage Notes, due 2028 at 5.60% | Mortages
Debt Instrument [Line Items]
Principal Outstanding	$ 606,611
Coupon Rate (as percent)	5.60%

Indebtedness - Schedule of Prin

Indebtedness - Schedule of Principal Repayment Due (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Required principal payments under outstanding debt
2025	$ 1,958
2026	801,958
2027	1,001,958
2028	1,000,737
2029	1,125,000
Thereafter	1,900,000
Total	$ 5,831,611

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Share Awarded to Trustees, Officers and Other Employees of RMR (Details) - Share Award Plans - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	1,031,329	438,000	433,500
Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.50	$ 7.88	$ 6.63
Weighted Average Value of Grants	$ 4,641	$ 3,451	$ 2,874

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Award Plan
Distributions
Common shares reserved for issuance (in shares)	217,189
Award Plans
Distributions
Unvested (in shares)	1,024,441	609,960	588,830	425,030
2025 (in shares)	320,980
2026 (in shares)	289,362
2027 (in shares)	239,080
2028 (in shares)	175,019
Estimated future compensation expense for unvested shares	$ 5,021
Weighted average period over which the compensation expense (in months)	24 months
Compensation expense	$ 3,620	$ 3,417	$ 2,775
Officers and Employees of RMR | Common Stock
Distributions
Vesting period (in installments)	5 years

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Shares Awarded, Vested, Forfeited and Unvested Under Share Award Plan (Details) - Award Plans - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Unvested shares, beginning of year (in shares)	609,960	588,830	425,030
Shares awarded (in shares)	1,031,329	438,000	433,500
Shares vested (in shares)	(613,848)	(394,470)	(266,300)
Shares forfeited (in shares)	(3,000)	(22,400)	(3,400)
Unvested shares, end of year (in shares)	1,024,441	609,960	588,830
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 7.88	$ 8.81	$ 11.93
Shares awarded (in dollars per share)	4.50	7.88	6.63
Shares vested (in dollars per share)	6.23	9.21	10.20
Shares forfeited (in dollars per share)	6.75	8.91	12.08
Unvested shares, end of year (in dollars per share)	$ 5.47	$ 7.88	$ 8.81

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Aggregate Number of Shares Repurchased (in shares)	161,387	98,571	69,867
Weighted Average Purchase Price (in dollars per share)	$ 4.65	$ 8.14	$ 6.72
Value	$ 751	$ 802	$ 470

Shareholders' Equity - Schedu_3

Shareholders' Equity - Schedule of Distributions Paid on Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Annual Per Share Distribution (in dollars per share)	$ 0.61	$ 0.80	$ 0.23
Total Distributions	$ 101,150	$ 132,430	$ 38,044
Ordinary Income	0%	9.30%	0%
Capital Gain	0%	86.15%	0%
Return of Capital	100%	4.55%	100%
Qualified Dividend	0%	6.25%	0%

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 16, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock dividend		$ 101,150	$ 132,430	$ 38,044
Subsequent Event
Class of Stock [Line Items]
Quarterly distribution declared (in dollars per share)	$ 0.01
Common stock dividend	$ 1,666

Business and Property Managem_3

Business and Property Management Agreements with RMR - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 22, 2021	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) employee agreement
Real Estate Properties [Line Items]
Entity number of employees | employee			0
Line of Credit | Subsequent Event | Citibank Credit Agreement
Real Estate Properties [Line Items]
Secured revolving credit facility		$ 100,000
Period to cure the default		30 days
Amended And Restate Business Management Agreement
Real Estate Properties [Line Items]
Incentive fee as percentage of product of weighted average common shares outstanding			12%
Amended And Restate Business Management Agreement | Minimum
Real Estate Properties [Line Items]
Incentive management fee reduction			0.0200
Amended And Restate Business Management Agreement | Maximum
Real Estate Properties [Line Items]
Incentive management fee reduction			0.0500
RMR LLC
Real Estate Properties [Line Items]
Property management fees percentage of gross collected rents			3%
Construction supervision fees as percentage of construction costs			5%
Property management fees percentage of gross collected rents for 2024			1%
Property management fees percentage of gross collected rents for 2025			2%
Property management fees percentage of gross collected rents for 2026			3%
Related party transaction, rate (as percent)	3%
RMR LLC | Amended And Restate Business Management Agreement
Real Estate Properties [Line Items]
Number of management agreements | agreement			2
Base management fee payable as a percentage of average historical cost of the real estate investments, excluding transferred assets for investments up to a specific amount			0.70%
Base management fee payable as percentage of aggregate book value of real estate assets or transferred assets			$ 250,000
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments exceeding specified amount			0.50%
Base management fee payable as percentage of average closing stock price on stock exchange			0.70%
Base management fee payable as percentage of average market capitalization exceeding specified amount			0.50%
Incentive fee as percentage of product of weighted average common shares outstanding			12%
Measurement period (in years)			3 years
Incentive fee, consecutive trading days for share price multiplier			10 days
Incentive fee, final trading days of relevant measurement period			30 days
Percentage of shares issued in payment of incentive management fees			1.50%
RMR LLC | Amended And Restate Business Management Agreement | Up C Transaction
Real Estate Properties [Line Items]
Window for providing notice of termination of property management agreement for performance by the related party (in days)			60 days
Window providing notice of termination of property management agreement after change of control by related party (in months)			12 months
Termination fee remaining term assumption (in years)			10 years
Period over which transition services will be provided by the related party after termination of the agreement (in days)			120 days
RMR LLC | Amended And Restate Business Management Agreement | Minimum
Real Estate Properties [Line Items]
Incentive management fee reduction			0.0200
RMR LLC | Amended And Restate Business Management Agreement | Minimum | Up C Transaction
Real Estate Properties [Line Items]
Termination fee term (in years)			19 years
RMR LLC | Amended And Restate Business Management Agreement | Maximum
Real Estate Properties [Line Items]
Base management fee payable, average market capitalization			$ 250,000
Base management fee payable, threshold amount of other real estate investments			$ 250,000
Incentive management fee reduction			0.0500
RMR LLC | Amended And Restate Business Management Agreement | Maximum | Up C Transaction
Real Estate Properties [Line Items]
Termination fee term (in years)			20 years

Business and Property Managem_4

Business and Property Management Agreements with RMR - Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees (Details) - RMR LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net business management fees
Real Estate Properties [Line Items]
Transaction amount	$ 29,653	$ 33,352	$ 35,495
Recognized amortization of liability	3,585	3,585	3,585
Property management agreement
Real Estate Properties [Line Items]
Transaction amount	11,970	8,368	6,128
Property management fees
Real Estate Properties [Line Items]
Transaction amount	6,012	3,702	3,998
Construction supervision fees
Real Estate Properties [Line Items]
Transaction amount	5,958	4,666	2,130
Expense reimbursement
Real Estate Properties [Line Items]
Transaction amount	$ 4,445	$ 4,648	$ 3,258

Related Person Transactions (De

Related Person Transactions (Details)	12 Months Ended
	Dec. 31, 2024 property hotel agreement shares	Dec. 31, 2023
Related Party Transaction [Line Items]
Number of properties | property	948
Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership (as percent)	34%	34%
Net Lease
Related Party Transaction [Line Items]
Number of properties | property	742
Hotels
Related Party Transaction [Line Items]
Number of properties | hotel	206
RMR
Related Party Transaction [Line Items]
Outstanding shares of common stock (as percent)	4.40%
RMR | TravelCenters of America LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares) | shares	661,506
Share-Based Payment Arrangement, Employee | RMR
Related Party Transaction [Line Items]
Vesting period	4 years
Share-Based Payment Arrangement, Employee | RMR | First Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting rights (as percent)	20%
Share-Based Payment Arrangement, Employee | RMR | Second Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting rights (as percent)	20%
Share-Based Payment Arrangement, Employee | RMR | Third Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting rights (as percent)	20%
Share-Based Payment Arrangement, Employee | RMR | Fourth Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting rights (as percent)	20%
Share-Based Payment Arrangement, Employee | RMR | Fifth Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting rights (as percent)	20%
RMR | Amended And Restate Business Management Agreement
Related Party Transaction [Line Items]
Number of service agreements | agreement	2
Sonesta International Hotels Corporation | Hotels | Related Party
Related Party Transaction [Line Items]
Number of properties | hotel	181

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ 0	$ 0
State	931	(106)	385
Foreign	1,105	503	233
Current tax	2,036	397	618
Deferred:
Foreign	(634)	(1,895)	(817)
Deferred tax	(634)	(1,895)	(817)
Income tax provision (benefit)	$ 1,402	$ (1,498)	$ (199)

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Taxes at statutory U.S. federal income tax rate	21%	21%	21%
Nontaxable income of SVC	(21.00%)	(21.00%)	(21.00%)
State and local income taxes, net of federal tax benefit	(0.30%)	0.30%	(0.30%)
Foreign taxes	(0.20%)	(6.90%)	0.40%
Foreign tax rate change	0%	11%	0%
Effective tax rate	(0.50%)	4.40%	0.10%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Effective tax rate (as percent)	(0.50%)	4.40%	0.10%
Net deferred tax assets prior to valuation allowance	$ 153,447	$ 120,505
Deferred tax liability	8,073	8,162
Net operating loss carryforwards for federal income tax purposes	579,886	514,568
Consolidated
Income taxes
Net deferred tax assets prior to valuation allowance	$ 141,642	$ 114,145
Deferred tax assets, valuation allowance (as percent)	100%	100%
Net operating loss carryforwards for federal income tax purpose, not subject to expiration	$ 556,778	$ 442,560
Minimum | Puerto Rico
Income taxes
Effective tax rate (as percent)		29%
Maximum | Puerto Rico
Income taxes
Effective tax rate (as percent)		37.50%

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Tax loss carryforwards	$ 140,665	$ 112,532
Other	12,782	7,973
Deferred tax assets	153,447	120,505
Valuation allowance	(152,676)	(120,505)
Net deferred tax assets	771	0
Deferred tax liabilities:
Property basis difference	(7,754)	(7,970)
Puerto Rico deferred tax gain	(8,073)	(8,162)
Other	(442)	0
Net deferred tax liabilities	$ (16,269)	$ (16,132)

Concentration (Details)

Concentration (Details)	12 Months Ended
	Dec. 31, 2024 property hotel state
Concentration Risk
Number of properties	948
North America
Concentration Risk
Number of states in which properties are located | state	46
Various States, USA | Minimum | Real Estate | Geographic Concentration Risk | Geographic Distribution, Domestic
Concentration Risk
Concentration risk (as percent)	5%
Various States, USA | Maximum | Real Estate | Geographic Concentration Risk | Geographic Distribution, Domestic
Concentration Risk
Concentration risk (as percent)	13%
Net Lease
Concentration Risk
Number of properties	742
Net Lease | TravelCenters of America Inc. | Related Party
Concentration Risk
Number of properties	175
Net Lease | Real Estate Assets at Cost | Credit Concentration | TravelCenters of America Inc. | Related Party | TravelCenters of America LLC
Concentration Risk
Concentration risk (as percent)	28.70%
Net Lease | North America
Concentration Risk
Number of properties	948
Hotels
Concentration Risk
Number of properties | hotel	206
Hotels | Sonesta International Hotels Corporation | Related Party
Concentration Risk
Number of properties | hotel	181
Hotels | Real Estate | Geographic Concentration Risk | Geographic Distribution, Foreign
Concentration Risk
Concentration risk (as percent)	3.10%
Hotels | Real Estate Assets at Cost | Credit Concentration | Sonesta International Hotels Corporation
Concentration Risk
Concentration risk (as percent)	50%
Hotels | Ontario, Canada
Concentration Risk
Number of properties | hotel	2

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Hotel operating revenues	$ 1,496,705	$ 1,478,034	$ 1,467,344
Rental income	400,223	395,829	395,667
Total revenues	1,896,928	1,873,863	1,863,011
Less:
Management fees	19,817	17,663	13,176
Depreciation and amortization	371,786	384,060	401,108
Net loss	(275,526)	(32,779)	(132,381)
Reconciliation of segment profit or loss:
General and administrative	(40,239)	(45,397)	(44,404)
Transaction related costs	6,894	(1,623)	1,920
Gain (loss) on equity securities, net	0	48,837	(8,104)
Interest income	4,052	20,979	3,379
Interest expense	(383,792)	(336,342)	(341,795)
Loss on early extinguishment of debt, net	(16,181)	(1,524)	(791)
Income tax expense	(1,402)	1,498	199
Equity in (losses) earnings of an investee	(12,299)	(4,382)	2,856
Assets	7,119,558	7,356,116	7,488,191
Capital expenditures	302,892	235,530	115,927
Hotels
Reconciliation of segment profit or loss:
Capital expenditures	297,398	232,053	110,343
Net Lease
Reconciliation of segment profit or loss:
Capital expenditures	5,494	3,477	5,584
Operating Segments
Revenues:
Hotel operating revenues	1,496,705	1,478,034	1,467,344
Rental income	400,223	395,829	395,667
Total revenues	1,896,928	1,873,863	1,863,011
Less:
Labor and benefits	560,991	538,899	514,337
Management fees	60,750	57,894	57,383
Real estate taxes and insurance	125,654	112,752	124,131
Management fees	546,575	532,024	544,682
Depreciation and amortization	371,786	384,060	401,108
Other segment items	56,433	(33,982)	(36,882)
Net loss	128,508	241,296	258,252
Reconciliation of segment profit or loss:
Interest expense	(46,231)	(40,920)
Operating Segments | Hotels
Revenues:
Hotel operating revenues	1,496,705	1,478,034	1,467,344
Rental income	0	0	0
Total revenues	1,496,705	1,478,034	1,467,344
Less:
Labor and benefits	557,126	534,620	511,364
Management fees	54,738	54,192	53,385
Real estate taxes and insurance	122,342	109,287	121,733
Management fees	539,947	525,807	540,875
Depreciation and amortization	221,299	216,235	221,416
Other segment items	36,746	(42,003)	(37,689)
Net loss	(35,493)	79,896	56,260
Reconciliation of segment profit or loss:
Interest expense	0	0
Assets	3,897,132	3,943,213	3,882,701
Operating Segments | Net Lease
Revenues:
Hotel operating revenues	0	0	0
Rental income	400,223	395,829	395,667
Total revenues	400,223	395,829	395,667
Less:
Labor and benefits	3,865	4,279	2,973
Management fees	6,012	3,702	3,998
Real estate taxes and insurance	3,312	3,465	2,398
Management fees	6,628	6,217	3,807
Depreciation and amortization	150,487	167,825	179,692
Other segment items	19,687	8,021	807
Net loss	164,001	161,400	201,992
Reconciliation of segment profit or loss:
Interest expense	(46,231)	(40,920)
Assets	2,942,585	3,084,686	3,376,295
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Reconciliation of segment profit or loss:
General and administrative	(40,239)	(45,397)	(44,404)
Transaction related costs			1,920
Transaction related costs		1,623
Gain (loss) on equity securities, net		48,837	(8,104)
Interest income	3,648	20,692	3,326
Interest expense	(337,561)	(295,422)	(341,795)
Loss on early extinguishment of debt, net	(16,181)	(1,524)	(791)
Income tax expense	(1,402)	1,498	199
Equity in (losses) earnings of an investee	(12,299)	(4,382)	2,856
Corporate
Reconciliation of segment profit or loss:
Assets	$ 279,841	$ 328,217	$ 229,195

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Schedule of Assets Carried at Fair Value Categorized by Level of Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value of Assets and Liabilities
Loss on asset impairment, net	$ 56,212	$ 9,544	$ 10,989
Assets Held for Sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	14,664
Assets Held for Sale | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Assets and Liabilities
Assets of properties held for sale	0
Assets Held for Sale | Significant Other Observable Inputs (Level 2)
Fair Value of Assets and Liabilities
Assets of properties held for sale	13,382
Loss on asset impairment, net	13,641
Costs to sell	$ 687
Assets Held for Sale | Significant Other Observable Inputs (Level 2) | Hotels
Fair Value of Assets and Liabilities
Number of impaired properties | property	3
Assets Held for Sale | Significant Other Observable Inputs (Level 2) | Net Lease
Fair Value of Assets and Liabilities
Number of impaired properties | property	2
Assets Held for Sale | Significant Unobservable Inputs (Level 3)
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 1,282
Loss on asset impairment, net	4,512
Costs to sell	$ 68
Assets Held for Sale | Significant Unobservable Inputs (Level 3) | Net Lease
Fair Value of Assets and Liabilities
Number of impaired properties | property	1
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 7,408
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Assets and Liabilities
Assets of properties held for sale	0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Significant Other Observable Inputs (Level 2)
Fair Value of Assets and Liabilities
Assets of properties held for sale	0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Significant Unobservable Inputs (Level 3)
Fair Value of Assets and Liabilities
Assets of properties held for sale	7,408
Loss on asset impairment, net	$ 4,285
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Significant Unobservable Inputs (Level 3) | Measurement Input, Discount Rate
Fair Value of Assets and Liabilities
Measurement input (as percent)	0.070
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Significant Unobservable Inputs (Level 3) | Measurement Input, Exit Capitalization Rate
Fair Value of Assets and Liabilities
Measurement input (as percent)	0.063
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Significant Unobservable Inputs (Level 3) | Net Lease
Fair Value of Assets and Liabilities
Number of impaired properties | property	1

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 5,560,703	$ 5,520,220
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 5,299,916	5,307,547
Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Interest rate (as percent)	4.50%
Senior Unsecured Notes, due 2025 at 4.50% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 0	349,181
Senior Unsecured Notes, due 2025 at 4.50% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 0	341,688
Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Interest rate (as percent)	7.50%
Senior Unsecured Notes, due 2025 at 7.50% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 0	796,007
Senior Unsecured Notes, due 2025 at 7.50% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 0	808,888
Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Interest rate (as percent)	5.25%
Senior Unsecured Notes, due 2026 at 5.25% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 348,730	347,601
Senior Unsecured Notes, due 2026 at 5.25% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 339,889	339,780
Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Interest rate (as percent)	4.75%
Senior Unsecured Notes, due 2026 at 4.75% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 448,957	448,347
Senior Unsecured Notes, due 2026 at 4.75% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 425,237	419,909
Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Interest rate (as percent)	4.95%
Senior Unsecured Notes, due 2027 at 4.95% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 398,428	397,672
Senior Unsecured Notes, due 2027 at 4.95% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 373,796	362,108
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Interest rate (as percent)	5.50%
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 446,758	445,631
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 420,809	412,002
Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Interest rate (as percent)	5.60%
Net Lease Mortgage Notes, due 2028 at 5.60% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 568,283	558,876
Net Lease Mortgage Notes, due 2028 at 5.60% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 585,236	585,784
Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Interest rate (as percent)	3.95%
Senior Unsecured Notes, due 2028 at 3.95% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 396,505	395,355
Senior Unsecured Notes, due 2028 at 3.95% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 335,056	327,708
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
Fair Value of Assets and Liabilities
Interest rate (as percent)	8.375%
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 682,934	0
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 676,725	0
Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Interest rate (as percent)	4.95%
Senior Unsecured Notes, due 2029 at 4.95% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 421,269	420,477
Senior Unsecured Notes, due 2029 at 4.95% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 338,071	351,726
Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Interest rate (as percent)	4.375%
Senior Unsecured Notes, due 2030 at 4.375% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 394,189	393,056
Senior Unsecured Notes, due 2030 at 4.375% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 301,752	310,524
Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Interest rate (as percent)	8.625%
Senior Secured Notes, due 2031 at 8.625% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 972,073	968,017
Senior Secured Notes, due 2031 at 8.625% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 1,040,590	1,047,430
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
Fair Value of Assets and Liabilities
Interest rate (as percent)	8.875%
Senior Guaranteed Unsecured Notes, due 2032 at 8.875% | Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 482,577	0
Senior Guaranteed Unsecured Notes, due 2032 at 8.875% | Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 462,755	$ 0

Schedule III_Real Estate and _2

Schedule III—Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	948
Encumbrances	$ 607,000
Initial Cost to Company
Land	1,945,000
Building & Improvements	5,896,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,622,000
Impairment	(142,000)
Cost Basis Adjustment	(957,000)
Gross Amount at which Carried at Close of Period
Land	1,940,000
Building & Improvements	7,424,000
Total	9,364,000	$ 9,415,896	$ 9,174,451	$ 9,790,010
Accumulated depreciation	$ (3,078,000)	(2,950,685)	(2,749,862)	$ (3,069,348)
Total Held and Used
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	931
Encumbrances	$ 607,000
Initial Cost to Company
Land	1,933,000
Building & Improvements	5,806,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,622,000
Impairment	(133,000)
Cost Basis Adjustment	(955,000)
Gross Amount at which Carried at Close of Period
Land	1,930,000
Building & Improvements	7,343,000
Total	9,272,623	9,415,896	9,174,451
Accumulated depreciation	$ (3,029,044)	$ (2,950,685)	$ (2,749,862)
Royal Sonesta Hotels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	229,000
Building & Improvements	1,118,000
Costs Capitalized Subsequent to Acquisition
Improvements	445,000
Impairment	(9,000)
Cost Basis Adjustment	(17,000)
Gross Amount at which Carried at Close of Period
Land	229,000
Building & Improvements	1,537,000
Total	1,766,000
Accumulated depreciation	$ (476,000)
Sonesta Hotels & Resorts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	22
Encumbrances	$ 0
Initial Cost to Company
Land	216,000
Building & Improvements	641,000
Costs Capitalized Subsequent to Acquisition
Improvements	479,000
Impairment	(51,000)
Cost Basis Adjustment	(17,000)
Gross Amount at which Carried at Close of Period
Land	216,000
Building & Improvements	1,052,000
Total	1,268,000
Accumulated depreciation	$ (339,000)
Sonesta ES Suites
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	51
Encumbrances	$ 0
Initial Cost to Company
Land	115,000
Building & Improvements	502,000
Costs Capitalized Subsequent to Acquisition
Improvements	417,000
Impairment	(35,000)
Cost Basis Adjustment	(71,000)
Gross Amount at which Carried at Close of Period
Land	115,000
Building & Improvements	813,000
Total	928,000
Accumulated depreciation	$ (407,000)
Sonesta ES Suites | Assets Held for Sale
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	7,000
Total	8,000
Accumulated depreciation	$ (4,000)
Sonesta Select
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	37
Encumbrances	$ 0
Initial Cost to Company
Land	79,000
Building & Improvements	351,000
Costs Capitalized Subsequent to Acquisition
Improvements	241,000
Impairment	(4,000)
Cost Basis Adjustment	(87,000)
Gross Amount at which Carried at Close of Period
Land	79,000
Building & Improvements	501,000
Total	580,000
Accumulated depreciation	$ (313,000)
Sonesta Select | Assets Held for Sale
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	6,000
Building & Improvements	56,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	56,000
Total	62,000
Accumulated depreciation	$ (36,000)
Sonesta Simply Suites
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	46
Encumbrances	$ 0
Initial Cost to Company
Land	61,000
Building & Improvements	304,000
Costs Capitalized Subsequent to Acquisition
Improvements	142,000
Impairment	(17,000)
Cost Basis Adjustment	(38,000)
Gross Amount at which Carried at Close of Period
Land	61,000
Building & Improvements	391,000
Total	452,000
Accumulated depreciation	$ (211,000)
Sonesta Simply Suites | Assets Held for Sale
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	13,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	13,000
Total	15,000
Accumulated depreciation	$ (7,000)
Hyatt Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	20,000
Building & Improvements	137,000
Costs Capitalized Subsequent to Acquisition
Improvements	120,000
Impairment	0
Cost Basis Adjustment	(9,000)
Gross Amount at which Carried at Close of Period
Land	20,000
Building & Improvements	248,000
Total	268,000
Accumulated depreciation	$ (98,000)
Radisson Hotels & Resorts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	9,000
Building & Improvements	93,000
Costs Capitalized Subsequent to Acquisition
Improvements	59,000
Impairment	0
Cost Basis Adjustment	(2,000)
Gross Amount at which Carried at Close of Period
Land	9,000
Building & Improvements	150,000
Total	159,000
Accumulated depreciation	$ (83,000)
Crowne Plaza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	17,000
Building & Improvements	69,000
Costs Capitalized Subsequent to Acquisition
Improvements	32,000
Impairment	0
Cost Basis Adjustment	(1,000)
Gross Amount at which Carried at Close of Period
Land	17,000
Building & Improvements	100,000
Total	117,000
Accumulated depreciation	$ (21,000)
Country Inn & Suites by Radisson
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	24,000
Costs Capitalized Subsequent to Acquisition
Improvements	11,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	35,000
Total	38,000
Accumulated depreciation	$ (21,000)
TravelCenters of America
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	131
Encumbrances	$ 0
Initial Cost to Company
Land	564,000
Building & Improvements	936,000
Costs Capitalized Subsequent to Acquisition
Improvements	452,000
Impairment	0
Cost Basis Adjustment	(455,000)
Gross Amount at which Carried at Close of Period
Land	564,000
Building & Improvements	933,000
Total	1,497,000
Accumulated depreciation	$ (530,000)
Petro Stopping Centers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	44
Encumbrances	$ 0
Initial Cost to Company
Land	260,000
Building & Improvements	522,000
Costs Capitalized Subsequent to Acquisition
Improvements	195,000
Impairment	0
Cost Basis Adjustment	(243,000)
Gross Amount at which Carried at Close of Period
Land	260,000
Building & Improvements	474,000
Total	734,000
Accumulated depreciation	$ (255,000)
The Great Escape
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	14
Encumbrances	$ 0
Initial Cost to Company
Land	19,000
Building & Improvements	64,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	19,000
Building & Improvements	64,000
Total	83,000
Accumulated depreciation	$ (12,000)
Life Time Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	17,000
Building & Improvements	56,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	17,000
Building & Improvements	56,000
Total	73,000
Accumulated depreciation	$ (11,000)
Buehler's Fresh Foods
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 52,000
Initial Cost to Company
Land	10,000
Building & Improvements	49,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	10,000
Building & Improvements	49,000
Total	59,000
Accumulated depreciation	$ (13,000)
Heartland Dental
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	59
Encumbrances	$ 0
Initial Cost to Company
Land	11,000
Building & Improvements	37,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	11,000
Building & Improvements	38,000
Total	49,000
Accumulated depreciation	$ (8,000)
Norms
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	10
Encumbrances	$ 0
Initial Cost to Company
Land	23,000
Building & Improvements	24,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	23,000
Building & Improvements	25,000
Total	48,000
Accumulated depreciation	$ (6,000)
AMC Theatres
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	13,000
Building & Improvements	34,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	13,000
Building & Improvements	35,000
Total	48,000
Accumulated depreciation	$ (8,000)
Express Oil Change
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	23
Encumbrances	$ 37,000
Initial Cost to Company
Land	6,000
Building & Improvements	37,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	37,000
Total	43,000
Accumulated depreciation	$ (7,000)
Pizza Hut
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	40
Encumbrances	$ 24,000
Initial Cost to Company
Land	12,000
Building & Improvements	28,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	12,000
Building & Improvements	28,000
Total	40,000
Accumulated depreciation	$ (15,000)
Flying J Travel Pizza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	6,000
Building & Improvements	32,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	33,000
Total	39,000
Accumulated depreciation	$ (6,000)
Vacant
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	9
Encumbrances	$ 0
Initial Cost to Company
Land	22,000
Building & Improvements	20,000
Costs Capitalized Subsequent to Acquisition
Improvements	5,000
Impairment	(5,000)
Cost Basis Adjustment	(5,000)
Gross Amount at which Carried at Close of Period
Land	19,000
Building & Improvements	18,000
Total	37,000
Accumulated depreciation	$ (4,000)
Vacant | Assets Held for Sale
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	9
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	14,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	(9,000)
Cost Basis Adjustment	(2,000)
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (2,000)
America's Auto Auction
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	6
Encumbrances	$ 27,000
Initial Cost to Company
Land	7,000
Building & Improvements	23,000
Costs Capitalized Subsequent to Acquisition
Improvements	6,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	29,000
Total	36,000
Accumulated depreciation	$ (6,000)
Courthouse Athletic Club
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 20,000
Initial Cost to Company
Land	5,000
Building & Improvements	28,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	28,000
Total	33,000
Accumulated depreciation	$ (6,000)
Big Al's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 17,000
Initial Cost to Company
Land	3,000
Building & Improvements	28,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	28,000
Total	31,000
Accumulated depreciation	$ (4,000)
B&B Theatres
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	12,000
Building & Improvements	15,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	12,000
Building & Improvements	18,000
Total	30,000
Accumulated depreciation	$ (5,000)
Fleet Farm
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	28,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	28,000
Total	31,000
Accumulated depreciation	$ (5,000)
Martin's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	16
Encumbrances	$ 21,000
Initial Cost to Company
Land	7,000
Building & Improvements	21,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	(1,000)
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	20,000
Total	27,000
Accumulated depreciation	$ (5,000)
Arby's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	19
Encumbrances	$ 18,000
Initial Cost to Company
Land	7,000
Building & Improvements	19,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	19,000
Total	26,000
Accumulated depreciation	$ (8,000)
Burger King
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	17
Encumbrances	$ 18,000
Initial Cost to Company
Land	5,000
Building & Improvements	21,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	21,000
Total	26,000
Accumulated depreciation	$ (7,000)
Regal Cinemas
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	5,000
Building & Improvements	21,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	21,000
Total	26,000
Accumulated depreciation	$ (5,000)
Popeye's Chicken & Biscuits
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	20
Encumbrances	$ 21,000
Initial Cost to Company
Land	8,000
Building & Improvements	17,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	8,000
Building & Improvements	17,000
Total	25,000
Accumulated depreciation	$ (6,000)
Creme de la Creme
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 19,000
Initial Cost to Company
Land	7,000
Building & Improvements	18,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	18,000
Total	25,000
Accumulated depreciation	$ (3,000)
Church's Chicken
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	32
Encumbrances	$ 0
Initial Cost to Company
Land	5,000
Building & Improvements	18,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	18,000
Total	23,000
Accumulated depreciation	$ (5,000)
Hardee's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	15
Encumbrances	$ 16,000
Initial Cost to Company
Land	4,000
Building & Improvements	18,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	18,000
Total	22,000
Accumulated depreciation	$ (6,000)
Mister Car Wash
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 20,000
Initial Cost to Company
Land	2,000
Building & Improvements	19,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	20,000
Total	22,000
Accumulated depreciation	$ (3,000)
United Supermarkets
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	6
Encumbrances	$ 16,000
Initial Cost to Company
Land	4,000
Building & Improvements	17,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	17,000
Total	21,000
Accumulated depreciation	$ (6,000)
Mesa Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 14,000
Initial Cost to Company
Land	3,000
Building & Improvements	17,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	17,000
Total	20,000
Accumulated depreciation	$ (3,000)
Taco Bell
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	13
Encumbrances	$ 14,000
Initial Cost to Company
Land	4,000
Building & Improvements	15,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	15,000
Total	19,000
Accumulated depreciation	$ (4,000)
Uncle Ed's Oil Shoppe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	6,000
Building & Improvements	12,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	12,000
Total	18,000
Accumulated depreciation	$ (5,000)
CarMax
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	5,000
Building & Improvements	13,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	13,000
Total	18,000
Accumulated depreciation	$ (2,000)
Multi-Tenant
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	19,000
Costs Capitalized Subsequent to Acquisition
Improvements	5,000
Impairment	(9,000)
Cost Basis Adjustment	(1,000)
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	14,000
Total	16,000
Accumulated depreciation	$ (4,000)
Fusion Gyms
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	12,000
Total	15,000
Accumulated depreciation	$ (2,000)
Pike Nursery
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 16,000
Initial Cost to Company
Land	8,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	8,000
Building & Improvements	6,000
Total	14,000
Accumulated depreciation	$ (2,000)
Dave & Buster's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 12,000
Initial Cost to Company
Land	3,000
Building & Improvements	11,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	11,000
Total	14,000
Accumulated depreciation	$ (2,000)
HHI-Formtech
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 9,000
Initial Cost to Company
Land	3,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	10,000
Total	13,000
Accumulated depreciation	$ (5,000)
Golden Corral
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	4,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	(1,000)
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	7,000
Total	11,000
Accumulated depreciation	$ (2,000)
Sanford's Grub & Pub
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	10,000
Total	11,000
Accumulated depreciation	$ (2,000)
Fuddruckers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	4,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	6,000
Total	10,000
Accumulated depreciation	$ (2,000)
Rite Aid
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	7,000
Total	10,000
Accumulated depreciation	$ (2,000)
Texas Roadhouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 6,000
Initial Cost to Company
Land	7,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	(3,000)
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	3,000
Total	10,000
Accumulated depreciation	$ (1,000)
Eddie Merlot's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 6,000
Initial Cost to Company
Land	2,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	8,000
Total	10,000
Accumulated depreciation	$ (2,000)
Baptist Emergency Hospital
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 10,000
Initial Cost to Company
Land	2,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	8,000
Total	10,000
Accumulated depreciation	$ (1,000)
Core & Main
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	12
Encumbrances	$ 4,000
Initial Cost to Company
Land	4,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	5,000
Total	9,000
Accumulated depreciation	$ (2,000)
Lerner And Rowe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 9,000
Initial Cost to Company
Land	1,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	8,000
Total	9,000
Accumulated depreciation	$ (1,000)
Meineke Car Care Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	6,000
Total	9,000
Accumulated depreciation	$ (1,000)
Cermak Fresh Market
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 6,000
Initial Cost to Company
Land	2,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	7,000
Total	9,000
Accumulated depreciation	$ (4,000)
Columbus Preparatory Academy
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 6,000
Initial Cost to Company
Land	1,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	8,000
Total	9,000
Accumulated depreciation	$ (1,000)
Academy Sports + Outdoors
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (1,000)
Austin's Park n' Pizza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	0
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	8,000
Total	8,000
Accumulated depreciation	$ (2,000)
Kohl's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	2,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	6,000
Total	8,000
Accumulated depreciation	$ (2,000)
LA Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	7,000
Total	8,000
Accumulated depreciation	$ (1,000)
Sonic Drive-In
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	9
Encumbrances	$ 7,000
Initial Cost to Company
Land	3,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	4,000
Total	7,000
Accumulated depreciation	$ (2,000)
Krispy Kreme
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 7,000
Initial Cost to Company
Land	2,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	5,000
Total	7,000
Accumulated depreciation	$ (1,000)
Oregano's Pizza Bistro
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (2,000)
Blue Rhino
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 15,000
Initial Cost to Company
Land	3,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	4,000
Total	7,000
Accumulated depreciation	$ (1,000)
Diagnostic Health
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (1,000)
Marcus Theaters
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	5,000
Total	7,000
Accumulated depreciation	$ (2,000)
Hughes Supply
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	7
Encumbrances	$ 3,000
Initial Cost to Company
Land	2,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	4,000
Total	6,000
Accumulated depreciation	$ (1,000)
Brookshire Brothers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (2,000)
Jack's Family Restaurant
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 4,000
Initial Cost to Company
Land	2,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	4,000
Total	6,000
Accumulated depreciation	$ (1,000)
Wendy's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 6,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (1,000)
Flying Star Cafe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (1,000)
Jack Stack Barbeque
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (1,000)
10 Box
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	2,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	3,000
Total	5,000
Accumulated depreciation	$ (1,000)
Bricktown Brewery
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (2,000)
Gerber Collision & Glass
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
HD Supply White Cap
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 3,000
Initial Cost to Company
Land	2,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	3,000
Total	5,000
Accumulated depreciation	$ (1,000)
Walgreens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 3,000
Initial Cost to Company
Land	0
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	5,000
Total	5,000
Accumulated depreciation	$ (1,000)
Angstrom
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	2,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	3,000
Total	5,000
Accumulated depreciation	$ (2,000)
Mak Pack
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
Planet Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
RGB Eye Associates
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
Sportsman's Warehouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (2,000)
Famous Dave's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Focus Child Development Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ 0
Ashley Furniture
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Boozman-Hof
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	2,000
Total	4,000
Accumulated depreciation	$ 0
Eriks Bike Shop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Miller Waste Mills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	4,000
Total	4,000
Accumulated depreciation	$ (2,000)
Mind 24-7
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,000
Impairment	(3,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Rainbow Kids Clinic
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ 0
Win Win
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Anixter
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ (1,000)
Monterey's Tex Mex
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ (1,000)
Applebee's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ (1,000)
Axels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ (1,000)
Black Angus Steakhouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Buffalo Wild Wings
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Heytex USA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ (1,000)
Kerry's Car Care
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Nacarato Trucks
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ (1,000)
Ojos Locos Sports Cantina
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ (1,000)
Slim Chickens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Southwest Stainless, LP
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ (1,000)
Spoons Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Tractor Supply
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ 0
What The Buck
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ (1,000)
Affordable Care, Inc.
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Dollar General
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ 0
Hooters
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ (1,000)
Rally's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Taco Bueno
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ (1,000)
Bridgestone Tire
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Cycle Gear
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ (1,000)
Long John Silver's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Moe's American Grill
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ (1,000)
Orscheln Farm And Home
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Red Robin Gourmet Burgers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Schumacher Homes
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Bru Burger Bar
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Bechheit
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Captain Ds
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Chicken Salad Chick
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Clean Express Auto Wash
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ (1,000)
Discount Tire
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	(4,000)
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	0
Total	1,000
Accumulated depreciation	$ 0
Dunkin Donuts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
El Forastero
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Howlin Concrete
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	0
Total	1,000
Accumulated depreciation	$ 0
KFC
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Little Caesars
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
NAPA Auto Parts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
O'Reilly Auto Parts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Old Mexico Cantina
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Robata
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
SRS Distribution
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
The Atlanta Center For Foot & Ankle Surgery
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Touchstone Imaging
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Wings, Etc
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Bigham Cable
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Consolidated Pipe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Del Taco
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Family Dollar Stores
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Giliberto's Mexican Taco Shop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Off The Hook Seafood & More
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Scooters Coffee
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Sharks Fish & Chicken
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0

Schedule III_Real Estate and _3

Schedule III—Real Estate and Accumulated Depreciation - Additional (Details) $ in Thousands	Dec. 31, 2024 USD ($) property travelCenter hotel	Dec. 31, 2023 USD ($)
REAL ESTATE AND ACCUMULATED DEPRECIATION
Furniture, fixtures and equipment | $	$ 340,721	$ 370,442
Number of properties	948
Revolving credit facility | $	$ 150,000	0
Petro Stopping Centers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties	44
Senior Secured Notes Due 2031
REAL ESTATE AND ACCUMULATED DEPRECIATION
Principal amount | $	$ 1,000,000
Senior Secured Notes Due 2031 | Petro Stopping Centers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties	3
TravelCenters of America Inc. | Senior Secured Notes Due 2031
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties | travelCenter	67
Revolving Credit Facility
REAL ESTATE AND ACCUMULATED DEPRECIATION
Revolving credit facility | $	$ 150,000	$ 0
Hotels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties | hotel	206
Net Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties	742
Real Estate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties	69
Real Estate | Hotels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties | hotel	66
Real Estate | Net Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Number of properties	3
Minimum | Buildings and Improvements
REAL ESTATE AND ACCUMULATED DEPRECIATION
Useful life (in years)	10 years
Maximum | Buildings and Improvements
REAL ESTATE AND ACCUMULATED DEPRECIATION
Useful life (in years)	40 years

Schedule III_Real Estate and _4

Schedule III—Real Estate and Accumulated Depreciation - Notes to Schedule III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in total cost of properties
Balance at beginning of year	$ 9,415,896	$ 9,174,451	$ 9,790,010
Additions: acquisitions and capital expenditures	278,797	363,601	106,588
Dispositions	(336,703)	(110,535)	(624,057)
Reclassification of properties held for sale	(85,367)	(11,621)	(98,090)
Balance at close of year	9,364,000	9,415,896	9,174,451
Change in accumulated depreciation
Balance at beginning of year	2,950,685	2,749,862	3,069,348
Additions: depreciation expense	211,106	207,641	309,606
Dispositions	(87,208)	(4,747)	(618,132)
Reclassification of properties held for sale	(45,539)	(2,071)	(10,960)
Balance at close of year	3,078,000	2,950,685	2,749,862
Aggregate cost tax basis for federal income tax purposes	6,520,266
Total Held and Used
Change in total cost of properties
Balance at beginning of year	9,415,896	9,174,451
Balance at close of year	9,272,623	9,415,896	9,174,451
Change in accumulated depreciation
Balance at beginning of year	2,950,685	2,749,862
Balance at close of year	$ 3,029,044	$ 2,950,685	$ 2,749,862