Real Estate Properties

12 Months Ended

Dec. 31, 2025

As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 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, and 94 hotels with an aggregate of 21,243 rooms or suites. Our properties had an aggregate undepreciated carrying value of $8,102,783, including $153,751 related to properties classified as held for sale as of December 31, 2025.

Our real estate properties, at cost after impairments, consisted of land of $1,750,799, buildings and improvements of $6,001,000 and furniture, fixtures and equipment of $197,233, as of December 31, 2025; and 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. We funded capital improvements to certain of our properties of $236,920, $302,892 and $235,530 during 2025, 2024 and 2023, respectively.

At December 31, 2025, 13 of our net lease properties and eight of our hotels 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 net lease and hotel properties is approximately 18 years (range of six years to 39 years) and 37 years (range of nine years to 62 years), respectively. Ground rent payable under the ground leases for our net lease properties is generally a fixed amount, averaging $519 per year. Ground rent payable under three of the hotel ground leases is generally calculated as a percentage of hotel revenues. Seven of the eight hotel ground leases require annual minimum rents averaging $365 per year; future rent under one ground lease has been prepaid. Pursuant to the terms of our management agreements and leases, payments of ground lease obligations are generally made by our tenants and hotel managers. However, if a tenant or a hotel manager does not perform obligations under a ground lease or elects not to renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property. Any pledge, sale or transfer of our interests in a ground lease may require the consent of the applicable ground lessor and its lenders.

Acquisitions

During the year ended December 31, 2025, we acquired 29 net lease properties with a total of 283,759 square feet for a combined purchase price of $93,743, excluding closing costs. We did not acquire any properties during the year ended December 31, 2024, and during the year ended December 31, 2023, we acquired one hotel with a total of 250 keys for a purchase price of 165,400, excluding closing costs. We accounted for the transactions as acquisitions of assets and allocated the purchase price based on the estimated fair value of the assets acquired as follows:


Property Type	Number of Properties	Square Feet / Rooms or Suites	Purchase Price (1)		Land		Buildings, Improvements and Equipment		Acquired Real Estate Leases
Properties acquired during the year ended December 31, 2025:
Net Lease	29	283,759	$	94,552	$	21,880	$	58,755	$	13,917


Properties acquired during the year ended December 31, 2023:
Hotel	1	250	$	165,866	$	83,200	$	82,666	$	—

(1)Purchase price is the net contract price, plus closing costs of $809 and $466 for the years ended December 31, 2025 and 2023, respectively.

From January 1, 2026 through February 23, 2026, we acquired three net lease properties with a total of 8,788 square feet for a combined purchase price of $7,398, excluding closing costs.

Dispositions

During the years ended December 31, 2025, 2024 and 2023, we sold 123, 25 and 31 properties, respectively, for a combined sales price of $878,343, $105,862 and $170,325, respectively, excluding closing costs. The sales of these properties as presented in the table below do not 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	Square Feet / Rooms or Suite	Gross Sales Price (1)		(Loss) / Gain on Sale of Real Estate, net (2)		Loss on Impairment of Real Estate (3)
Properties sold during the year ended December 31, 2025:
	Net Lease	11	324,402	$	19,591	$	(1,329)	$	4,277
	Hotels	112	14,631	858,752		85,547		77,511
		123	324,402 / 14,631	$	878,343	$	84,218	$	81,788

Properties sold during the year ended December 31, 2024:
	Net Lease	10	96,929	$	8,547	$	(3,240)	$	3,936
	Hotels	15	1,910	97,315		9,509		29,734
		25	96,929 / 1,910	$	105,862	$	6,269	$	33,670

Properties sold during the year ended December 31, 2023:
	Net Lease	13	160,310	$	13,095	$	1,378	$	6,338
	Hotels	18	2,526	157,230		41,861		—
		31	160,310 / 2,526	$	170,325	$	43,239	$	6,338

(1)Gross sales price is the gross contract price, excluding closing costs.

(2)2025 includes a gain of $84 related to an eminent domain land taking at one of our travel centers. 2024 includes a gain of $1,100 related to an eminent domain land taking at one of our hotels.

(3)We also recorded impairment of $101, $22,542 and $3,206 during the years ended December 31, 2025, 2024 and 2023, respectively, related to certain properties we owned during the periods presented.

As of December 31, 2025, we had ten hotels with a total of 1,300 keys and one net lease property with a total of 2,510 square feet classified as held for sale. See Note 13 for further information on certain of these properties. The following table summarizes the major class of assets and liabilities by our net lease investments and hotel investments segments as of December 31, 2025:


	As of December 31, 2025
	Net Lease		Hotels		Total
Assets of properties held for sale:
Real estate properties, net	$	573	$	86,619	$	87,192

Other assets, net (1)	9		7,165		7,174
Total assets of properties held for sale	$	582	$	93,784	$	94,366

Liabilities of properties held for sale:

Accounts payable and other liabilities	$	6	$	5,323	$	5,329
Total liabilities of properties held for sale	$	6	$	5,323	$	5,329

(1) Other assets, net includes working capital of $1,439 for our hotel investments segment as described in Note 4.

From January 1, 2026 through February 23, 2026, we sold one hotel with 133 keys for a sales price of $7,100, excluding closing costs, and one net lease property with 2,510 square feet for a sales price of $610, excluding closing costs. We are at various stages of selling nine hotels with a total of 1,167 keys. We believe it is probable that the sales of these hotels will be completed within one year.