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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
(in thousands)

Initial Cost Gross Amount at End of Year
DescriptionYear of AcquisitionEncumbrancesLand Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & ImprovementsLand Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original ConstructionDepreciation Life
Homewood Suites Boston - Billerica, MA2010—1,470 10,555 48 4,496 1,518 15,051 16,569 15,051 6,218 1999(1)
Homewood Suites Nashville - Brentwood, TN2010—1,525 9,300 12 4,307 1,537 13,607 15,144 13,607 5,959 1998(1)
Homewood Suites Hartford - Farmington, CT2010—1,325 9,375 92 4,341 1,417 13,716 15,133 13,716 5,607 1999(1)
Hampton Inn & Suites Houston - Houston, TX201015,9573,200 12,709 66 3,485 3,266 16,194 19,460 16,194 6,118 1997(1)
Residence Inn Holtsville - Holtsville, NY2010—2,200 18,765 19 3,391 2,219 22,156 24,375 22,156 8,074 2004(1)
Residence Inn White Plains - White Plains, NY2010—2,200 17,677 — 13,144 2,200 30,821 33,021 30,821 12,601 1982(1)
Residence Inn New Rochelle - New Rochelle, NY2010—— 20,281 9 6,203 9 26,484 26,493 26,484 9,803 2000(1)
Residence Inn Garden Grove - Garden Grove, CA2011—7,109 35,484 57 5,058 7,166 40,542 47,708 40,542 14,060 2003(1)
Homewood Suites San Antonio - San Antonio, TX2011—5,999 24,764 7 10,534 6,006 35,298 41,304 35,298 12,422 1996(1)
Residence Inn Washington DC - Washington, DC2011—6,083 22,063 44 10,148 6,127 32,211 38,338 32,211 12,231 1974(1)
Residence Inn Tyson's Corner - Vienna, VA2011—5,752 28,917 6 3,061 5,758 31,978 37,736 31,978 11,131 2001(1)
Hampton Inn Portland Downtown - Portland, ME2012—4,315 22,664 (1)1,461 4,314 24,125 28,439 24,125 7,240 2011(1)
Courtyard Houston - Houston, TX2013—5,600 27,350 — (373)5,600 26,977 32,577 26,977 9,657 2010(1)
Hyatt Place Pittsburgh - Pittsburgh, PA201323,3003,000 35,576 15 1,883 3,015 37,459 40,474 37,459 11,095 2011(1)
Hampton Inn & Suites Exeter - Exeter, NH201315,0001,900 12,350 4 1,185 1,904 13,535 15,439 13,535 3,876 2010(1)
Residence Inn Bellevue - Bellevue, WA2013—13,800 56,957 — 2,902 13,800 59,859 73,659 59,859 17,380 2008(1)
SpringHill Suites Savannah - Savannah, GA201322,0002,400 36,050 1 2,083 2,401 38,133 40,534 38,133 11,164 2009(1)
Residence Inn Silicon Valley I - Sunnyvale, CA2014—42,652 45,846 33 6,498 42,685 52,344 95,029 52,344 35,079 1983(1)
Residence Inn Silicon Valley II - Sunnyvale, CA2014—46,474 50,380 56 7,934 46,530 58,314 104,844 58,314 38,576 1985(1)
Residence Inn San Mateo - San Mateo, CA2014—38,420 31,352 123 5707 38,543 37,059 75,602 37,059 24,340 1985(1)
Residence Inn Mt. View - Mountain View, CA2014—22,019 31,813 29 10,488 22,048 42,301 64,349 42,301 27,911 1985(1)
Hyatt Place Cherry Creek - Cherry Creek, CO2014—3,700 26,300 — 4,695 3,700 30,995 34,695 30,995 8,018 1987(1)
Courtyard Addison - Dallas, TX2014—2,413 21,554 23 3,889 2,436 25,443 27,879 25,443 7,021 2000(1)
Residence Inn Gaslamp - San Diego, CA2015—— 89,040 10 2,174 10 91,214 91,224 91,214 23,121 2009(1)
Hilton Garden Inn - Marina del Rey, CA2015—— 43,210 — 2,858 — 46,068 46,068 46,068 10,715 2013(1)
Residence Inn - Dedham, MA2015—4,230 17,304 — 2,614 4,230 19,918 24,148 19,918 5,025 1998(1)
Residence Inn - Ft. Lauderdale, FL2015—9,200 24,048 14 2,820 9,214 26,868 36,082 26,868 6,633 2008(1)
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Initial Cost Gross Amount at End of Year
DescriptionYear of AcquisitionEncumbrancesLand Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & ImprovementsLand Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original ConstructionDepreciation Life
Home2 Suites - Woodland Hills, CA2017—6,500 — 128 56,679 6,628 56,679 63,307 56,679 12,891 2022(1)
Hilton Garden Inn - Portsmouth, NH2017—3,600 37,630 — 954 3,600 38,584 42,184 38,584 7,091 2006(1)
Courtyard - Summerville, SC20179,0002,500 16,923 7 1,166 2,507 18,089 20,596 18,089 3,226 2014(1)
Embassy Suites - Springfield, VA2017—7,700 58,807 — 2,563 7,700 61,370 69,070 61,370 10,681 2013(1)
Residence Inn - Summerville, SC20189,5002,300 17,060 11 310 2,311 17,370 19,681 17,370 2,824 2018(1)
Courtyard Dallas Downtown - Dallas, TX201824,5002,900 42,760 — 214 2,900 42,974 45,874 42,974 6,532 2018(1)
Silicon Valley III - Sunnyvale, CA2018—8,171 — — — 8,171 — 8,171 — — 
Residence Inn Austin Northwest/The Domain Area - Austin, TX202120,8502,400 33,346 — 251 2,400 33,597 35,997 33,597 2,886 2016(1)
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX202119,0752,300 29,347 5 97 2,305 29,444 31,749 29,444 2,515 2021(1)
Hilton Garden Inn Destin - Miramar Beach, FL2022—4,222 25,246 18 174 4,240 25,420 29,660 25,420 1,811 2020(1)
Grand Total(s)$279,579 $1,042,803 $836 $189,394 $280,415 $1,232,197 $1,512,612 $1,232,197 $401,532 

(1) Depreciation is computed based upon the following estimated useful lives:
Years
Building40
Land improvements20
Building improvements
5-20
















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Notes:
(a) The change in total cost of real estate assets for the year ended is as follows:
202420232022
Balance at the beginning of the year$1,564,433 $1,556,453 $1,557,060 
Acquisitions— — 29,468 
Dispositions(62,647)— (95,385)
Impairment of depreciable assets(4,256)(4,266)— 
Improvements15,082 12,246 65,310 
Balance at the end of the year$1,512,612 $1,564,433 $1,556,453 
Finance lease assets at the end of the year40,240 — — 
Total investment in real estate$1,552,852 $1,564,433 $1,556,453 


(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows:
202420232022
Balance at the beginning of the year$376,323 $328,832 $300,731 
Depreciation expense46,588 47,491 46,558 
Accumulated depreciation on dispositions(21,379)— (18,457)
Accumulated depreciation at the end of the year$401,532 $376,323 $328,832 
Accumulated amortization of finance leases at the end of the year596 — — 
Total accumulated depreciation and amortization$402,128 $376,323 $328,832 
(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,553,093 as of December 31, 2024.