XML 39 R26.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset | The table below presents certain of our assets carried at fair value at September 30, 2022, 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)
Recurring Fair Value Measurement Assets: |  |  |  |  |  |  |  |
Investment in TA (1) |  | $ | 63,896 |  |  | $ | 63,896 |  |  | $ | — |  |  | $ | — |
Non-Recurring Fair Value Measurement Assets: |  |  |  |  |  |  |  |
Assets of properties held for sale (2) |  | $ | 20,553 |  |  | $ | — |  |  | $ | 20,553 |  |  | $ | — |
(1)See Note 6 for further information regarding our investment in TA. (2)We recorded a loss on impairment of $7,305 during the nine months ended September 30, 2022 and $17,741 during the twelve months ended December 31, 2021 to reduce the carrying values of three of the 22 hotels classified as held for sale as of September 30, 2022 and three net lease properties classified as held for sale as of September 30, 2022, with an aggregate carrying value of $20,553, to their estimated fair value less costs to sell based on offers received from third parties (Level 2 inputs as defined in the fair value hierarchy under GAAP).
Schedule of fair value of additional financial instruments | At September 30, 2022 and December 31, 2021, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
|  | September 30, 2022 |  | December 31, 2021
|  | Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
Senior Unsecured Notes, due 2022 at 5.00% |  | $ | — |  |  | $ | — |  |  | $ | 499,244 |  |  | $ | 501,033 |
Senior Unsecured Notes, due 2023 at 4.50% |  | 499,884 |  |  | 488,125 |  |  | 499,761 |  |  | 505,378 |
Senior Unsecured Notes, due 2024 at 4.65% |  | 349,409 |  |  | 323,750 |  |  | 349,105 |  |  | 347,039 |
Senior Unsecured Notes, due 2024 at 4.35% |  | 822,120 |  |  | 725,555 |  |  | 821,017 |  |  | 821,184 |
Senior Unsecured Notes, due 2025 at 4.50% |  | 348,321 |  |  | 292,499 |  |  | 347,806 |  |  | 342,493 |
Senior Unsecured Notes, due 2025 at 7.50% |  | 793,089 |  |  | 748,000 |  |  | 791,340 |  |  | 867,712 |
Senior Unsecured Notes, due 2026 at 5.25% |  | 346,189 |  |  | 278,702 |  |  | 345,342 |  |  | 348,537 |
Senior Unsecured Notes, due 2026 at 4.75% |  | 447,584 |  |  | 339,611 |  |  | 447,126 |  |  | 439,889 |
Senior Unsecured Notes, due 2027 at 4.95% |  | 396,727 |  |  | 296,516 |  |  | 396,160 |  |  | 395,862 |
Senior Unsecured Notes, due 2027 at 5.50% |  | 444,222 |  |  | 365,544 |  |  | 443,383 |  |  | 461,522 |
Senior Unsecured Notes, due 2028 at 3.95% |  | 393,919 |  |  | 271,756 |  |  | 393,057 |  |  | 370,562 |
Senior Unsecured Notes, due 2029 at 4.95% |  | 419,486 |  |  | 291,078 |  |  | 418,895 |  |  | 407,448 |
Senior Unsecured Notes, due 2030 at 4.375% |  | 391,637 |  |  | 262,484 |  |  | 390,786 |  |  | 370,836 |
Total financial liabilities |  | $ | 5,652,587 |  |  | $ | 4,683,620 |  |  | $ | 6,143,022 |  |  | $ | 6,179,495 |
(1)Carrying value includes unamortized discounts and premiums and issuance costs.

X
- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration