SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2021

(in thousands)


			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Homewood Suites Orlando - Maitland, FL	2010	—	$	1,800	$	7,200	$	34	$	5,212	$	1,834	$	12,412	$	14,246	$	12,412	$	4,736	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	15,114	1,470		10,555		48		3,993		1,518		14,548		16,066		14,548		4,545		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		4,277		3,519		18,237		21,756		18,237		6,109		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		3,802		1,537		13,102		14,639		13,102		4,459		1998	(1)
Homewood Suites Dallas - Market Center, Dallas, TX	2010	—	2,500		7,583		30		4,518		2,530		12,101		14,631		12,101		3,959		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		3,662		1,417		13,037		14,454		13,037		4,060		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	17,058	3,200		12,709		60		3,147		3,260		15,856		19,116		15,856		4,473		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		1,321		2,200		20,086		22,286		20,086		6,124		2004	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		9,585		2,200		27,262		29,462		27,262		8,834		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	—	—		20,281		9		6,934		9		27,215		27,224		27,215		7,779		2000	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	30,839	7,109		35,484		57		5,518		7,166		41,002		48,168		41,002		10,869		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	14,808	5,999		24,764		6		5,602		6,005		30,366		36,371		30,366		8,957		1996	(1)
Residence Inn Washington DC - Washington, DC	2011	—	6,083		22,063		28		6,477		6,111		28,540		34,651		28,540		8,836		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	20,243	5,752		28,917		—		2,752		5,752		31,669		37,421		31,669		8,215		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		—		369		4,315		23,033		27,348		23,033		5,235		2011	(1)
Courtyard Houston - Houston, TX	2013	16,673	5,600		27,350		—		2,947		5,600		30,297		35,897		30,297		6,935		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	20,515	3,000		35,576		5		1,506		3,005		37,082		40,087		37,082		8,037		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		189		1,904		12,539		14,443		12,539		2,675		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		675		4,105		23,775		27,880		23,775		5,153		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	42,089	13,800		56,957		—		2,444		13,800		59,401		73,201		59,401		12,596		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	28,873	2,400		36,050		1		1,703		2,401		37,753		40,154		37,753		8,056		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	62,374	42,652		45,846		—		6,016		42,652		51,862		94,514		51,862		24,462		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	68,054	46,474		50,380		—		7,428		46,474		57,808		104,282		57,808		26,790		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	46,781	38,420		31,352		—		5448		38,420		36,800		75,220		36,800		16,780		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	36,481	22,019		31,813		—		10,244		22,019		42,057		64,076		42,057		19,466		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		1,868		3,700		28,168		31,868		28,168		5,452		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		2,645		2,413		24,199		26,612		24,199		4,791		2000	(1)

- continued -


			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Courtyard West University - Houston, TX	2014	—	2,012		17,916		—		1451		2,012		19,367		21,379		19,367		3,542		2004	(1)
Residence Inn West University - Houston, TX	2014	—	3,640		25,631		—		1,688		3,640		27,319		30,959		27,319		5,270		2004	(1)
Hilton Garden Inn Burlington - Burlington, MA	2014	—	4,918		27,193		—		(3,850)		4,918		23,343		28,261		23,343		5,685		1975	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		10		2,134		10		91,174		91,184		91,174		15,987		2009	(1)
Hilton Garden Inn - Marina del Rey, CA	2015	20,024	—		43,210		—		917		—		44,127		44,127		44,127		7,078		2013	(1)
Residence Inn - Dedham, MA	2015	—	4,230		17,304		—		2,159		4,230		19,463		23,693		19,463		3,209		1998	(1)
Residence Inn - Ft. Lauderdale, FL	2015	—	9,200		24,048		14		1,987		9,214		26,035		35,249		26,035		4,241		2008	(1)
Warner Center - Woodland Hills, CA	2017	35,007	6,500		—		99		—		6,599		—		6,599		—		—
Hilton Garden Inn - Portsmouth, NH	2017	—	3,600		37,630		—		610		3,600		38,240		41,840		38,240		4,107		2006	(1)
Courtyard - Summerville, SC	2017	—	2,500		16,923		7		220		2,507		17,143		19,650		17,143		1772		2014	(1)
Embassy Suites - Springfield, VA	2017	—	7,700		58,807		—		416		7,700		59,223		66,923		59,223		6,029		2013	(1)
Residence Inn - Summerville, SC	2018	—	2,300		17,060		—		256		2,300		17,316		19,616		17,316		1,478		2018	(1)
Courtyard Dallas Downtown - Dallas, TX	2018	—	2,900		42,760		—		140		2,900		42,900		45,800		42,900		3,300		2018	(1)
Silicon Valley III - Sunnyvale, CA	2018	—	8,171		—		—		—		8,171		—		8,171		—		—
Residence Inn Austin Northwest/The Domain Area - Austin, TX	2021	—	2,400		33,346		—		84		2,400		33,430		35,830		33,430		346		2016	(1)
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX	2021	—	2,300		29,347		—		59		2,300		29,406		31,706		29,406		304		2021	(1)

Grand Total(s)			$	297,827	$	1,140,140	$	540	$	118,553	$	298,367	$	1,258,693	$	1,557,060	$	1,258,693	$	300,731

(1) Depreciation is computed based upon the following estimated useful lives:

Years

Building

Land improvements

Building improvements

5-20

- continued -


Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2021		2020		2019		2018		2017		2016		2015
Balance at the beginning of the year	$	1,488,830	$	1,520,189	$	1,510,864	$	1,431,374	$	1,320,273	$	1,306,192	1,105,504
Acquisitions	67,393		—		8,171		65,020		133,660		—		187,032
Dispositions during the year	—		(52,770)		(17,889)		—		(33,053)		—		—
Capital expenditures and transfers from construction-in-progress	837		21,411		19,043		14,470		10,494		14,081		13,656
Investment in Real Estate	$	1,557,060	$	1,488,830	$	1,520,189	$	1,510,864	$	1,431,374	$	1,320,273	$	1,306,192


(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows:
	2021		2020		2019		2018		2017		2016		2015
Balance at the beginning of the year	$	257,344	$	224,339	$	187,780	$	148,071	$	116,866	$	83,245	50,910
Depreciation and amortization	43,387		42,145		41,908		39,709		36,401		33,621		32,335
Dispositions during the year	—		(9,140)		(5,349)		—		(5,196)		—		—
Balance at the end of the year	$	300,731	$	257,344	$	224,339	$	187,780	$	148,071	$	116,866	$	83,245

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,557,212 as of December 31, 2021.