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Segment Information | 12 Months Ended
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Dec. 31, 2025
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 Chief Operating Decision Maker, or CODM, reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Executive Officer. Our two reportable segments are net lease investments and hotel investments. Our net lease investments segment consists of service-focused retail net lease properties, including travel centers leased to TA, our largest tenant. Our hotel investments segment consists of hotels managed by subsidiaries of Sonesta, Hyatt, Radisson and IHG. 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, 2025
| Net Lease |  | Hotels |  | Total
Revenues: |  |  |  |  |
Hotel operating revenues | $ | — |  |  | $ | 1,413,403 |  |  | $ | 1,413,403 |
Rental income | 401,435 |  |  | — |  |  | 401,435 |
Total revenues | 401,435 |  |  | 1,413,403 |  |  | 1,814,838 |
Less: |  |  |  |  |
Room expenses | — |  |  | 387,243 |  |  | 387,243 |
Food and beverage expenses | — |  |  | 168,188 |  |  | 168,188 |
Management fees | 8,517 |  |  | 52,199 |  |  | 60,716 |
Real estate taxes and insurance | 3,041 |  |  | 109,316 |  |  | 112,357 |
Other operating expenses (1) | 10,039 |  |  | 509,596 |  |  | 519,635 |
Depreciation and amortization | 140,700 |  |  | 174,263 |  |  | 314,963 |
Interest expense | 49,458 |  |  | — |  |  | 49,458 |
Other segment items (2) | 5,682 |  |  | 6,173 |  |  | 11,855 |
Segment profit | 183,998 |  |  | 6,425 |  |  | 190,423 |
Reconciliation of segment profit: |  |  |  |  |
General and administrative |  |  |  |  | (40,667) |
Transaction related costs |  |  |  |  | (289) |
Interest income |  |  |  |  | 8,773 |
Interest expense |  |  |  |  | (364,156) |
Loss on early extinguishment of debt, net |  |  |  |  | (2,897) |
Income tax benefit |  |  |  |  | 10,717 |
Equity in losses of an investee |  |  |  |  | (4,225) |
Net loss |  |  |  |  | $ | (202,321) |
(1) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties. (2) 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, 2024
| Net Lease |  | Hotels |  | Total
Revenues: |  |  |  |  |
Hotel operating revenues | $ | — |  |  | $ | 1,496,705 |  |  | $ | 1,496,705 |
Rental income | 400,223 |  |  | — |  |  | 400,223 |
Total revenues | 400,223 |  |  | 1,496,705 |  |  | 1,896,928 |
Less: |  |  |  |  |
Room expenses | — |  |  | 396,855 |  |  | 396,855 |
Food and beverage expenses | — |  |  | 162,206 |  |  | 162,206 |
Management fees | 6,012 |  |  | 54,738 |  |  | 60,750 |
Real estate taxes and insurance | 3,312 |  |  | 122,342 |  |  | 125,654 |
Other operating expenses (1) | 10,493 |  |  | 538,012 |  |  | 548,505 |
Depreciation and amortization | 150,487 |  |  | 221,299 |  |  | 371,786 |
Interest expense | 46,231 |  |  | — |  |  | 46,231 |
Other segment items (2) | 19,687 |  |  | 36,746 |  |  | 56,433 |
Segment profit (loss) | 164,001 |  |  | (35,493) |  |  | 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) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties. (2) 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, 2023
| Net Lease |  | Hotels |  | Total
Revenues: |  |  |  |  |
Hotel operating revenues | $ | — |  |  | $ | 1,478,034 |  |  | $ | 1,478,034 |
Rental income | 395,829 |  |  | — |  |  | 395,829 |
Total revenues | 395,829 |  |  | 1,478,034 |  |  | 1,873,863 |
Less (plus): |  |  |  |  |
Room expenses | — |  |  | 389,262 |  |  | 389,262 |
Food and beverage expenses | — |  |  | 150,124 |  |  | 150,124 |
Management fees | 3,702 |  |  | 54,192 |  |  | 57,894 |
Real estate taxes and insurance | 3,465 |  |  | 109,287 |  |  | 112,752 |
Other operating expenses (1) | 10,496 |  |  | 521,041 |  |  | 531,537 |
Depreciation and amortization | 167,825 |  |  | 216,235 |  |  | 384,060 |
Interest expense | 40,920 |  |  | — |  |  | 40,920 |
Other segment items (2) | 8,021 |  |  | (42,003) |  |  | (33,982) |
Segment profit | 161,400 |  |  | 79,896 |  |  | 241,296 |
Reconciliation of segment profit: |  |  |  |  |
General and administrative |  |  |  |  | (45,397) |
Transaction related costs |  |  |  |  | 1,623 |
Gain on equity securities |  |  |  |  | 48,837 |
Interest income |  |  |  |  | 20,692 |
Interest expense |  |  |  |  | (295,422) |
Loss on early extinguishment of debt, net |  |  |  |  | (1,524) |
Income tax benefit |  |  |  |  | 1,498 |
Equity in losses of an investee |  |  |  |  | (4,382) |
Net loss |  |  |  |  | $ | (32,779) |
(1) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties. (2) 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,
| 2025 |  | 2024 |  | 2023
Assets: |  |  |  |  |
Net Lease | $ | 2,902,699 |  |  | $ | 2,942,585 |  |  | $ | 3,084,686 |
Hotels | 3,107,967 |  |  | 3,897,132 |  |  | 3,943,213 |
Corporate | 480,914 |  |  | 279,841 |  |  | 328,217 |
Total assets | $ | 6,491,580 |  |  | $ | 7,119,558 |  |  | $ | 7,356,116 |
| As of December 31,
| 2025 |  | 2024 |  | 2023
Capital expenditures: |  |  |  |  |
Net Lease | $ | 2,451 |  |  | $ | 5,494 |  |  | $ | 3,477 |
Hotels | 234,469 |  |  | 297,398 |  |  | 232,053 |
Total capital expenditures | $ | 236,920 |  |  | $ | 302,892 |  |  | $ | 235,530 |

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- Definition The entire disclosure for reporting segments including data and tables. 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