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Segment Information
 12 Months Ended
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 LeaseHotelsTotal
Revenues:
Hotel operating revenues$— $1,413,403 $1,413,403 
Rental income401,435 — 401,435 
Total revenues401,435 1,413,403 1,814,838 
Less:
Room expenses— 387,243 387,243 
Food and beverage expenses— 168,188 168,188 
Management fees8,517 52,199 60,716 
Real estate taxes and insurance3,041 109,316 112,357 
Other operating expenses (1)
10,039 509,596 519,635 
Depreciation and amortization140,700 174,263 314,963 
Interest expense
49,458 — 49,458 
Other segment items (2)
5,682 6,173 11,855 
Segment profit183,998 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 benefit10,717 
Equity in losses of an investee(4,225)
Net loss
$(202,321)
(1)    Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties.
(2)    Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable.
Year Ended December 31, 2024
Net LeaseHotelsTotal
Revenues:
Hotel operating revenues$— $1,496,705 $1,496,705 
Rental income400,223 — 400,223 
Total revenues400,223 1,496,705 1,896,928 
Less:
Room expenses— 396,855 396,855 
Food and beverage expenses— 162,206 162,206 
Management fees6,012 54,738 60,750 
Real estate taxes and insurance3,312 122,342 125,654 
Other operating expenses (1)
10,493 538,012 548,505 
Depreciation and amortization150,487 221,299 371,786 
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
$(275,526)
(1)    Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties.
(2)    Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable.
Year Ended December 31, 2023
Net LeaseHotelsTotal
Revenues:
Hotel operating revenues$— $1,478,034 $1,478,034 
Rental income395,829 — 395,829 
Total revenues395,829 1,478,034 1,873,863 
Less (plus):
Room expenses— 389,262 389,262 
Food and beverage expenses— 150,124 150,124 
Management fees3,702 54,192 57,894 
Real estate taxes and insurance3,465 109,287 112,752 
Other operating expenses (1)
10,496 521,041 531,537 
Depreciation and amortization167,825 216,235 384,060 
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 securities48,837 
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,
202520242023
Assets:
Net Lease$2,902,699 $2,942,585 $3,084,686 
Hotels3,107,967 3,897,132 3,943,213 
Corporate480,914 279,841 328,217 
Total assets$6,491,580 $7,119,558 $7,356,116 

As of December 31,
202520242023
Capital expenditures:
Net Lease$2,451 $5,494 $3,477 
Hotels234,469 297,398 232,053 
Total capital expenditures$236,920 $302,892 $235,530