Item 2. Properties
Item 2. Properties
At December 31, 2020, we owned 310 hotels and 799 retail net lease properties. The following tables summarize certain information about our properties as of December 31, 2020 (dollars in thousands).
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Table of Contents
Hotels Net Lease All Properties
Number of
Properties Undepreciated Carrying Value Depreciated Carrying Value Number of
Properties Undepreciated Carrying Value Depreciated Carrying Value Total Number of Properties Total Undepreciated Carrying Value Total Depreciated Carrying Value
Location of
Properties
United States:
Alabama — $ — $ — 1 $ 3,716 $ 3,307 1 $ 3,716 $ 3,307
Alaska 6 50,060 33,617 32 128,850 92,968 38 178,910 126,585
Arizona — — — 18 117,022 69,182 18 117,022 69,182
Arkansas 15 214,740 133,921 25 224,885 156,437 40 439,625 290,358
California 36 1,004,585 691,544 22 234,316 190,773 58 1,238,901 882,317
Colorado 5 144,210 105,363 8 98,346 80,116 14 242,556 185,479
Connecticut — — — 3 33,203 12,962 3 33,203 12,962
Delaware 2 32,394 22,326 — — — 2 32,394 22,326
Florida 13 281,258 180,625 48 221,303 169,787 62 502,561 350,412
Georgia 21 460,052 325,394 74 240,927 189,991 95 700,979 515,385
Hawaii 1 92,142 47,119 — — — 1 92,142 47,119
Idaho 2 17,688 8,681 15 34,028 28,352 17 51,716 37,033
Illinois — — — 2 20,216 14,707 2 20,216 14,707
Indiana 13 425,429 327,110 59 252,515 206,572 73 677,944 533,682
Iowa 3 34,216 16,974 43 202,073 164,965 46 236,289 181,939
Kansas 4 31,009 17,276 6 38,818 33,931 10 69,827 51,207
Kentucky — — — 14 68,696 45,893 15 68,696 45,893
Louisiana 3 243,053 185,582 12 124,473 76,751 15 367,526 262,333
Maryland 13 300,166 201,869 — — — 13 300,166 201,869
Massachusetts 7 148,678 93,911 9 67,195 42,574 17 215,873 136,485
Michigan 10 87,942 57,777 53 106,598 87,714 63 194,540 145,491
Minnesota 5 128,558 102,675 12 70,717 66,652 17 199,275 169,327
Mississippi 7 183,217 144,507 26 110,087 81,754 33 293,304 226,261
Missouri — — — 5 29,478 18,154 5 29,478 18,154
Nebraska 11 158,243 113,734 17 68,234 51,755 30 226,477 165,489
Nevada 1 8,486 6,154 5 45,014 18,448 6 53,500 24,602
New Hampshire — — — 1 3,476 3,275 1 3,476 3,275
New Jersey 15 272,265 183,061 3 95,908 59,502 18 368,173 242,563
New Mexico 2 27,036 13,725 16 129,052 75,307 18 156,088 89,032
New York — — — 1 6,172 3,903 1 6,172 3,903
North Carolina 3 53,978 32,959 6 160,532 112,987 9 214,510 145,946
North Dakota 5 90,785 66,339 9 49,941 35,272 14 140,726 101,611
Ohio 10 174,564 137,799 41 281,602 204,529 52 456,166 342,328
Oklahoma 3 27,523 20,737 13 70,109 60,819 16 97,632 81,556
Oregon 1 117,341 99,352 7 78,915 66,892 8 196,256 166,244
Pennsylvania 10 168,053 112,055 29 186,212 128,205 40 354,265 240,260
Rhode Island 2 29,595 19,948 — — — 2 29,595 19,948
South Carolina 3 61,656 41,665 17 100,457 76,933 20 162,113 118,598
Tennessee 9 165,330 93,752 40 121,133 88,447 51 286,463 182,199
Texas 35 477,422 281,986 59 485,607 320,007 94 963,029 601,993
Utah 2 65,931 34,149 3 20,221 9,965 5 86,152 44,114
Vermont 11 135,197 83,744 18 83,546 62,713 29 218,743 146,457
Virginia 1 14,645 11,225 — — — 1 14,645 11,225
Washington 8 211,638 159,198 4 24,187 19,232 12 235,825 178,430
West Virginia 2 45,347 37,000 5 14,425 9,982 7 59,772 46,982
Wisconsin 1 10,248 5,615 5 14,887 12,183 6 25,135 17,798
Wyoming — — — 7 82,346 44,878 7 82,346 44,878
301 6,194,680 4,250,468 793 4,549,438 3,298,776 1,105 10,744,118 7,549,244
Other:
Washington, DC 1 144,178 138,411 — — — 1 144,178 138,411
Ontario, Canada 2 52,647 33,932 — — — 2 52,647 33,932
Puerto Rico 1 221,329 160,575 — — — 1 221,329 160,575
4 418,154 332,918 — — — 4 418,154 332,918
Total 305 $ 6,612,834 $ 4,583,386 793 $ 4,549,438 $ 3,298,776 1,109 $ 11,162,272 $ 7,882,162
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Table of Contents
Hotels Net Lease All Properties
Number of
Properties Undepreciated Carrying Value Depreciated Carrying Value Number of
Properties Undepreciated Carrying Value Depreciated Carrying Value Total Number of Properties Total Undepreciated Carrying Value Total Depreciated Carrying Value
Location of
Properties
Held For Sale:
Colorado — $ — $ — 1 $ 4,061 $ 1,232 1 $ 4,061 $ 1,232
Florida 1 4,445 2,708 — — — 1 4,445 2,708
Illinois — — — 1 218 218 1 218 218
Kentucky 1 3,138 1,763 — — — 1 3,138 1,763
Maryland — — — 1 692 284 1 692 284
North Carolina 2 7,443 4,332 — — — 2 7,443 4,332
Ohio 1 3,542 1,896 — — — 1 3,542 1,896
Pennsylvania — — — 1 1,107 382 1 1,107 382
Tennessee — — — 2 2,369 728 2 2,369 728
Total 5 $ 18,568 $ 10,699 6 $ 8,447 $ 2,844 11 $ 27,015 $ 13,543
At December 31, 2020, 14 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) is approximately 36 years (range of 14 to 67 years). Ground rent payable under nine of the ground leases is generally calculated as a percentage of hotel revenues. Twelve (12) of the 14 ground leases require annual minimum rents averaging $260 per year; future rents under two ground leases have been prepaid. Pursuant to the terms of our management agreements and leases, payments of ground lease obligations are generally made by our hotel managers or tenants. However, if a hotel manager or tenant did not perform obligations under a ground lease or elected 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.
At December 31, 2020, 17 of our net lease properties were on land we leased partially or entirely from unrelated third parties. The average remaining term of the ground leases (including renewal options) is approximately 11 years (range of 1 year to 30 years). Ground rent payable under the ground leases is generally a fixed amount, averaging $485 per year. Payments of these ground lease obligations are made by our tenants. However, if our tenants did not perform obligations under a ground lease or elected 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.
The aggregate depreciated carrying value of our properties subject to ground leases was as follows at December 31, 2020 (in thousands):
14 hotels (1)
$ 188,366
17 net lease (2)
67,180
Total $ 255,546
(1) Two of these hotels with a depreciated carrying value totaling $60,280 are partially on land we lease from unrelated third parties. The leased land is generally used for parking. We believe these two hotels would be operable without the leased land.
(2) Three of these net lease properties with a depreciated carrying value totaling $29,256 are partially on land we lease from unrelated third parties. The leased land is generally used for additional parking or storm water runoff; however, certain building structures for one of these three net lease properties are located on leased land. We believe these three net lease properties would be operable without the leased land, although we would have to remove the part of the building structure that is located on the leased land and might replace that structure with a new building on land we own.