Schedule III—Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

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 Company				Costs Capitalized Subsequent to Acquisition						Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)		Land		Building & Improvements		Improvements		Impairment		Cost Basis Adjustment(2)		Land		Building & Improvements		Total(3)		Accumulated Depreciation(4)		Date of Construction	Date Acquired
	Hotel Properties
17	Royal Sonesta Hotels®	$	—	$	229	$	1,118	$	498	$	(9)	$	(51)	$	229	$	1,556	$	1,785	$	(491)	1912 through 2010	2001 through 2019
22	Sonesta Hotels & Resorts®	—		216		641		554		(51)		(30)		216		1,114		1,330		(370)		1950 through 2010	1998 through 2023
17	Hyatt Place® (5)	—		20		137		124		—		(11)		20		250		270		(106)		1995 through 2002	1997 through 2002
7	Sonesta ES Suites®			21		85		90		(8)		(27)		21		140		161		(63)		1990 through 2002	1998 through 2005
5	Radisson® Hotels & Resorts	—		9		93		59		—		(2)		9		150		159		(88)		1987 through 1990	1996 through 1997
7	Sonesta Simply Suites®	—		18		78		44		(1)		(14)		18		107		125		(51)		1998 through 2001	1999 through 2003
1	Crowne Plaza®	—		17		69		33		—		(1)		17		101		118		(24)		1986	2017
6	Sonesta Select®	—		18		40		43		—		(6)		17		78		95		(53)		1987 through 1992	1995 through 1996
2	Country Inn & Suites® by Radisson	—		3		24		11		—		—		3		35		38		(22)		1989	1996
	Net Lease Service Retail Properties (5)
131	TravelCenters of America (6)(7)	—		564		936		452		—		(506)		564		882		1,446		(521)		1962 through 2017	2007 through 2017
44	Petro Stopping Centers (6)(7)	—		260		522		195		—		(278)		260		439		699		(240)		1975 through 2017	2008 through 2017
14	The Great Escape	—		19		64		—		—		—		19		64		83		(15)		1986 through 2007	2019
3	Life Time Fitness	—		17		56		—		—		—		17		56		73		(13)		1987 through 2012	2019
25	Vacant	14		31		33		8		(1)		(5)		29		37		66		(11)		1958 through 2024	2007 through 2019
5	Buehler's Fresh Foods	62		10		49		—		—		—		10		49		59		(15)		1980 through 2000	2019
59	Heartland Dental	—		11		37		1		—		—		11		38		49		(9)		1920 through 2005	2019
5	AMC Theatres	—		13		34		1		—		—		13		35		48		(10)		1995 through 2008	2019
45	Pizza Hut	28		14		33		—		—		—		14		33		47		(18)		1915 through 2024	2019 through 2025
10	Norms	—		23		24		1		—		—		23		25		48		(7)		1957 through 2014	2019
23	Express Oil Change	37		6		37		—		—		—		6		37		43		(8)		1965 through 2016	2019
3	Flying J Travel Plaza	—		6		32		1		—		—		6		33		39		(7)		2001	2019
6	America's Auto Auction	31		7		23		6		—		—		7		29		36		(7)		1960 through 2020	2019
4	Courthouse Athletic Club	21		5		28		—		—		—		5		28		33		(7)		1980 through 2001	2019
2	Big Al's	21		3		28		—		—		—		3		28		31		(4)		2006 through 2010	2019
4	B&B Theatres	—		12		15		3		—		—		12		18		30		(6)		1998 through 2022	2019
1	Fleet Farm	—		3		28		—		—		—		3		28		31		(6)		1979	2019
16	Martin's	20		7		21		—		—		(1)		7		20		27		(6)		1962 through 2003	2019
20	Popeye's	22		8		17		—		—		—		8		17		25		(7)		1968 through 2003	2019


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition			Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)	Land	Building & Improvements	Improvements	Impairment	Cost Basis Adjustment(2)	Land	Building & Improvements	Total(3)	Accumulated Depreciation(4)	Date of Construction	Date Acquired
17	Burger King	18	5	21	—	—	—	5	21	26	(9)	1979 through 2024	2019
18	Arby's	19	6	18	—	—	—	6	18	24	(9)	1967 through 2008	2019
32	Church's Chicken	—	5	18	—	—	—	5	18	23	(6)	1968 through 1983	2019
15	Hardee's	19	4	18	—	—	—	4	18	22	(8)	1977 through 1997	2019
4	Regal Cinemas	—	4	18	—	—	—	4	18	22	(4)	2005 through 2010	2019
6	United Supermarkets	18	4	17	—	—	—	4	17	21	(7)	1979 through 1997	2019
5	Mister Car Wash	23	2	19	—	—	—	2	19	21	(4)	1960 through 2005	2019
2	Mesa Fitness	15	3	17	—	—	—	3	17	20	(4)	1983 through 2007	2019
2	Multi-Tenant	—	4	22	5	(9)	(1)	4	17	21	(5)	1959 through 2001	2006 through 2025
3	KinderCare	16	5	14	—	—	—	5	14	19	(2)	1999 through 2003	2019
28	Uncle Ed's Oil Shoppe	—	6	12	—	—	—	6	12	18	(6)	1959 through 1999	2019
12	Taco Bell	15	4	14	—	—	—	4	14	18	(4)	1982 through 2019	2019 through 2020
1	CarMax	—	5	13	—	—	—	5	13	18	(3)	2005	2019
2	Academy Sports + Outdoors	5	3	13	—	—	—	3	13	16	(1)	2016 through 2023	2019 through 2025
5	Pike Nursery	17	8	6	—	—	—	8	6	14	(2)	1970 through 1996	2019
2	Fusion Gyms	—	3	10	2	—	—	3	12	15	(3)	1987 through 1994	2019
2	LA Fitness	—	4	11	—	—	—	4	11	15	(1)	2006 through 2012	2019 through 2025
1	Dave & Buster's	12	3	11	—	—	—	3	11	14	(2)	1972 through 1992	2019
2	HHI Form-Tech	9	3	10	—	—	—	3	10	13	(6)	1952	2019
4	Bob Evans	—	3	8	—	—	—	3	8	11	—	1981 through 2008	2025
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
2	Walk Ons	—	3	8	—	—	—	3	8	11	—	2019 through 2020	2025
2	Eddie Merlot's	6	2	8	—	—	—	2	8	10	(2)	2001 through 2003	2019
1	Baptist Emergency Hospital	11	2	8	—	—	—	2	8	10	(1)	2013	2019
12	Core & Main	4	4	5	—	—	—	4	5	9	(2)	1972 through 1998	2019
4	Meineke Car Care Center	—	3	6	—	—	—	3	6	9	(2)	1999 through 2000	2019
1	Cermak Fresh Market	7	2	7	—	—	—	2	7	9	(4)	1989	2019
1	Columbus Preparatory Academy	6	1	8	—	—	—	1	8	9	(1)	2004	2019
1	Kohl's	6	2	6	—	—	—	2	6	8	(2)	1986	2019
9	Sonic Drive-In	6	3	4	—	—	—	3	4	7	(2)	1991 through 2018	2019
6	Dollar General	1	1	6	—	—	—	1	6	7	—	2015 through 2024	2019 through 2025
3	Krispy Kreme	7	2	5	—	—	—	2	5	7	(1)	1986 through 2004	2019
3	Oregano's Pizza Bistro	5	1	6	—	—	—	1	6	7	(2)	1964 through 2006	2019


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition			Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)	Land	Building & Improvements	Improvements	Impairment	Cost Basis Adjustment(2)	Land	Building & Improvements	Total(3)	Accumulated Depreciation(4)	Date of Construction	Date Acquired
3	Famous Dave's	3	2	5	—	—	—	2	5	7	(1)	1997 through 2010	2019 through 2025
2	Blue Rhino	16	3	4	—	—	—	3	4	7	(1)	2004	2019
2	Diagnostic Health	—	1	6	—	—	—	1	6	7	(1)	1985 through 1997	2019
1	Marcus Theaters	—	2	5	—	—	—	2	5	7	(2)	1999	2019
1	Crunch Fitness	—	1	6	—	—	—	1	6	7	—	2000 through 2021	2025
7	Hughes Supply	4	2	4	—	—	—	2	4	6	(2)	1976 through 2024	2019
5	Brookshire Brothers	6	1	5	—	—	—	1	5	6	(2)	1992 through 2005	2019
3	Lerner and Rowe	7	1	5	—	—	—	1	5	6	(1)	1970 through 2002	2019
3	Jack's Family Restaurant	5	2	4	—	—	—	2	4	6	(1)	2008 through 2016	2019
3	Wendy's	5	1	5	—	—	—	1	5	6	(2)	1984 through 2005	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	10Box Cost-Plus	4	2	3	—	—	—	2	3	5	(2)	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	White Cap	5	2	3	—	—	—	2	3	5	(1)	1990 through 2001	2019
2	Walgreens	3	—	5	—	—	—	—	5	5	(2)	1993 through 1999	2019
2	Buffalo Wild Wings	2	2	3	—	—	—	2	3	5	(1)	1995 through 2014	2019
1	Angstrom Automotive Group	5	2	3	—	—	—	2	3	5	(2)	1987	2019
1	Mak Pack Dog Training & Boarding	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	6	1	4	—	—	—	1	4	5	(1)	2013	2019
1	Splash Car Wash	—	1	4	—	—	—	1	4	5	—	2023	2025
3	Checkers	—	1	3	—	—	—	1	3	4	—	2019 through 2023	2025
2	Fuzzy's Taco Shop	—	1	3	—	—	—	1	3	4	(1)	1994 through 1995	2019
2	Texas Roadhouse	2	4	3	—	—	(3)	4	—	4	—	1992	2019
2	Focus Child Development Center	—	1	3	—	—	—	1	3	4	—	1996 through 1998	2019
1	Sportsman's Warehouse	3	1	3	1	—	—	1	4	5	(2)	1983	2019
1	Ashley Furniture	2	1	3	—	—	—	1	3	4	(1)	2000	2019
1	Boozman-Hof	—	2	2	—	—	—	2	2	4	(1)	1988	2019
1	Erik's Bike Shop Inc.	—	1	3	—	—	—	1	3	4	(1)	1996	2019
1	Miller Waste Mills	—	—	4	—	—	—	—	4	4	(2)	1960	2019
1	Southern Pediatrics	3	1	3	—	—	—	1	3	4	(1)	2011	2019
1	Win Win	—	1	3	—	—	—	1	3	4	(1)	1990	2019
1	Mind 24-7, LLC	—	1	3	2	(3)	—	1	2	3	(1)	2008	2019
2	Anixter Power Supply	3	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


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition			Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)	Land	Building & Improvements	Improvements	Impairment	Cost Basis Adjustment(2)	Land	Building & Improvements	Total(3)	Accumulated Depreciation(4)	Date of Construction	Date Acquired
2	HTeaO	—	1	2	—	—	—	1	2	3	—	2022 through 2023	2025
1	Aspire Rx	—	1	2	—	—	—	1	2	3	(1)	1999	2019
1	Applebee's	—	1	2	—	—	—	1	2	3	(1)	1996	2019
1	Black Angus Steakhouse	2	1	2	—	—	—	1	2	3	—	1996	2019
1	Kerry's Car Care	2	1	2	—	—	—	1	2	3	—	2015	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 & Alloy	2	—	3	—	—	—	—	3	3	(1)	1984	2019
1	Tractor Supply	—	—	3	—	—	—	—	3	3	(1)	2007	2019
1	Gold Star Chili	—	1	2	—	—	—	1	2	3	—	2003	2025
2	Hooters	2	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
2	Affordable Dentures & Implants	—	1	1	—	—	—	1	1	2	—	2008 through 2010	2019
1	Bondcote	—	—	2	—	—	—	—	2	2	(2)	1967	2019
1	NRV Fleet Services	—	—	2	—	—	—	—	2	2	(1)	1985	2019
1	Firestone Complete Auto Care	2	1	1	—	—	—	1	1	2	—	1998	2019
1	Cycle Gear	2	1	1	—	—	—	1	1	2	(1)	1989 through 2022	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	(1)	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 D's	1	—	1	—	—	—	—	1	1	—	1995	2019
1	Chicken Salad Chick	1	—	1	—	—	—	—	1	1	—	1976 through 2021	2019
1	Clean Express Auto Wash	—	—	1	—	—	—	—	1	1	(1)	1991	2019
1	Discount Tire	—	1	4	—	—	(4)	1	—	1	—	2009	2019
1	El Forastero	1	—	1	—	—	—	—	1	1	—	1985 through 2021	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 through 2020	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	(1)	1975	2019


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)		Land		Building & Improvements		Improvements		Impairment		Cost Basis Adjustment(2)		Land		Building & Improvements		Total(3)		Accumulated Depreciation(4)		Date of Construction	Date Acquired
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	Scooter's Coffee	—		—		1		—		—		—		—		1		1		—		2022	2025
1	Slice Factory	—		—		1		—		—		—		—		1		1		—		1996 through 2022	2025
1	Family Dollar Stores	—		—		—		—		—		—		—		—		—		—		1988	2019
1	Dunkin' Donuts	—		—		—		—		—		—		—		—		—		—		1977 through 2022	2019
1	Bigham Cable	—		—		—		—		—		—		—		—		—		—		1989	2019
1	Consolidated Pipe	1		—		—		—		—		—		—		—		—		—		1987	2019
1	Del Taco	1		—		—		—		—		—		—		—		—		—		N/A	2019
1	Giliberto's Mexican Taco Shop	1		—		—		—		—		—		—		—		—		—		N/A	2019
1	Off the Hook Eatery	—		—		—		—		—		—		—		—		—		—		2007	2019
843	Total Held and Used	$	650	$	1,754	$	4,887	$	2,134	$	(82)	$	(941)	$	1,751	$	6,001	$	7,752	$	(2,351)

	Assets Held for Sale
6	Sonesta ES Suites®	$	—	$	10	$	58	$	51	$	(10)	$	(4)	$	10	$	95	$	105	$	(41)	1989 through 2000	1996 through 2017
3	Sonesta Simply Suites®	—		4		22		44		(1)		(39)		4		26		30		(14)		1998 through 2000	1998 through 2003
1	Sonesta Select®	—		—		9		4		—		(2)		—		11		11		(8)		1990	1995
1	Vacant	—		—		1		—		—		—		—		1		1		—		1995	2019
854	Total Including Held for Sale	$	650	$	1,768	$	4,977	$	2,233	$	(93)	$	(986)	$	1,765	$	6,134	$	7,899	$	(2,414)

(1)Represents the principal balance of our net lease mortgage notes including $45.0 million outstanding under the VFN, excluding unamortized discounts and debt issuance costs.

(2)Represents reclassifications between accumulated depreciation and building and improvements made to record certain properties at fair value in accordance with GAAP.

(3)Excludes $197 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 to 40 years.

(5)55 properties, including 38 net lease properties and 17 hotels secure our credit agreement, which had no borrowings outstanding as of December 31, 2025.

(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.

(7)36 TravelCenters of America properties secure our $580.2 million senior secured notes due 2027, excluding unamortized discounts and debt issuance costs.

The change in total cost of properties for the period from January 1, 2023 to December 31, 2025 is as follows:


	2025		2024		2023
Balance at beginning of year	$	9,272,623	$	9,415,896	$	9,174,451
Additions: acquisitions and capital expenditures	265,249		278,797		363,601
Dispositions	(1,637,605)		(336,703)		(110,535)
Reclassification of properties held for sale	(148,467)		(85,367)		(11,621)
Balance at close of year	$	7,751,800	$	9,272,623	$	9,415,896

(B)The change in accumulated depreciation for the period from January 1, 2023 to December 31, 2025 is as follows:


	2025		2024		2023
Balance at beginning of year	$	3,029,044	$	2,950,685	$	2,749,862
Additions: depreciation expense	156,246		211,106		207,641
Dispositions	(771,244)		(87,208)		(4,747)
Reclassification of properties held for sale	(63,144)		(45,539)		(2,071)
Balance at close of year	$	2,350,902	$	3,029,044	$	2,950,685

(C)The aggregate cost tax basis for federal income tax purposes of our real estate properties was $6,105,365 on December 31, 2025.