Item 2. Properties
Item 2. Properties
At December 31, 2021, we owned 303 hotels and 788 retail net lease properties. The following tables summarize certain information about our properties as of December 31, 2021 (dollars in thousands).
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 and used
United States:
Alabama 3 $ 24,112 $ 12,990 32 $ 128,784 $ 87,838 35 $ 152,896 $ 100,828
Alaska — — — 1 3,716 2,987 1 3,716 2,987
Arizona 14 204,470 123,072 24 219,975 143,566 38 424,445 266,638
Arkansas — — — 16 113,168 60,569 16 113,168 60,569
California 36 1,007,543 669,376 22 234,302 184,459 58 1,241,845 853,835
Colorado 5 144,296 100,337 8 97,114 75,865 13 241,410 176,202
Connecticut — — — 3 23,881 11,260 3 23,881 11,260
Delaware 1 15,157 12,138 — — — 1 15,157 12,138
Florida 11 238,355 153,396 48 218,930 162,410 59 457,285 315,806
Georgia 17 383,855 258,358 74 239,140 180,418 91 622,995 438,776
Hawaii 1 105,737 60,036 — — — 1 105,737 60,036
Idaho — — — 2 20,216 14,074 2 20,216 14,074
Illinois 10 407,940 307,276 54 238,716 193,907 64 646,656 501,183
Indiana 2 25,017 11,748 43 202,042 156,921 45 227,059 168,669
Iowa 1 6,909 3,276 10 31,718 25,104 11 38,627 28,380
Kansas 1 11,740 6,415 5 38,109 31,854 6 49,849 38,269
Kentucky — — — 13 68,068 42,390 13 68,068 42,390
Louisiana 3 242,782 179,702 12 123,601 71,556 15 366,383 251,258
Maryland 5 114,555 69,845 9 66,799 39,560 14 181,354 109,405
Massachusetts 9 238,466 165,925 — 1,249 1,249 9 239,715 167,174
Michigan 8 67,643 38,258 52 102,249 78,569 60 169,892 116,827
Minnesota 4 111,643 86,472 12 70,717 63,477 16 182,360 149,949
Mississippi — — — 5 29,465 17,101 5 29,465 17,101
Missouri 4 152,785 117,649 25 108,999 76,121 29 261,784 193,770
Nevada 3 53,852 31,457 6 159,965 108,227 9 213,817 139,684
Nebraska — — — 5 43,334 16,224 5 43,334 16,224
New Hampshire — — — 1 6,172 3,624 1 6,172 3,624
New Jersey 8 137,207 80,720 3 95,462 55,876 11 232,669 136,596
New Mexico 2 26,907 12,863 16 127,956 69,600 18 154,863 82,463
New York 4 80,366 56,818 9 49,337 32,836 13 129,703 89,654
North Carolina 10 150,878 102,576 17 68,259 49,166 27 219,137 151,742
North Dakota — — — 1 3,476 3,117 1 3,476 3,117
Ohio 5 114,135 87,411 41 281,305 192,939 46 395,440 280,350
Oklahoma 2 14,696 10,952 12 69,096 58,002 14 83,792 68,954
Oregon 1 117,519 95,530 7 78,902 64,504 8 196,421 160,034
Pennsylvania 8 133,875 89,411 28 180,672 117,767 36 314,547 207,178
Rhode Island 1 16,320 7,689 — — — 1 16,320 7,689
South Carolina 2 54,116 36,235 17 100,382 72,963 19 154,498 109,198
Tennessee 7 147,908 75,102 36 123,837 88,497 43 271,745 163,599
Texas 21 323,428 175,135 57 477,329 293,816 78 800,757 468,951
Utah 2 65,302 31,857 3 20,168 8,979 5 85,470 40,836
Virginia 11 135,311 79,535 18 83,455 59,350 29 218,766 138,885
Washington 7 193,415 137,122 4 22,436 18,126 11 215,851 155,248
West Virginia 1 10,314 5,382 5 14,887 11,434 6 25,201 16,816
Wisconsin 2 45,991 36,170 4 13,121 8,078 6 59,112 44,248
Wyoming — — — 6 81,470 40,298 6 81,470 40,298
232 5,324,545 3,528,234 766 4,481,979 3,094,678 998 9,806,524 6,622,912
Other:
Washington, DC 1 144,521 135,563 — — — 1 144,521 135,563
Ontario, Canada 2 53,865 32,673 — — — 2 53,865 32,673
Puerto Rico 1 220,723 152,826 — — — 1 220,723 152,826
4 419,109 321,062 — — — 4 419,109 321,062
Total 236 5,743,654 3,849,296 766 4,481,979 3,094,678 1,002 10,225,633 6,943,974
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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:
Alabama 3 22,521 18,146 — — — 3 22,521 18,146
Arkansas — — — 1 117 117 1 117 117
Arizona 1 8,927 4,268 1 2,285 2,285 2 11,212 6,553
Delaware 1 11,027 8,680 — — — 1 11,027 8,680
Florida 1 13,120 10,614 — — — 1 13,120 10,614
Georgia 4 65,189 47,558 — — — 4 65,189 47,558
Iowa 1 6,468 4,923 5 670 670 6 7,138 5,593
Illinois 3 33,605 22,553 5 1,203 1,203 8 34,808 23,756
Indiana 1 4,356 3,796 — — — 1 4,356 3,796
Kansas 3 16,727 9,863 1 329 329 4 17,056 10,192
Kentucky — — — 1 202 202 1 202 202
Massachusetts 4 51,981 30,249 — — — 4 51,981 30,249
Maryland 2 21,232 16,411 — — — 2 21,232 16,411
Michigan 2 20,873 16,846 1 538 538 3 21,411 17,384
Minnesota 1 12,353 9,541 — — — 1 12,353 9,541
Missouri 3 22,595 16,846 — — — 3 22,595 16,846
North Carolina 1 5,096 4,108 — — — 1 5,096 4,108
Nebraska 1 8,178 5,964 — — — 1 8,178 5,964
New Jersey 7 94,843 74,081 — — — 7 94,843 74,081
New York 1 5,098 4,005 — — — 1 5,098 4,005
Ohio 5 51,887 38,969 — — — 5 51,887 38,969
Oklahoma 1 12,462 8,996 1 117 117 2 12,579 9,113
Pennsylvania 2 32,616 16,237 — — — 2 32,616 16,237
Rhode Island 1 11,030 9,411 — — — 1 11,030 9,411
South Carolina 1 8,414 3,949 — — — 1 8,414 3,949
Tennessee 2 14,752 12,562 2 416 416 4 15,168 12,978
Texas 13 131,352 81,340 2 5,440 5,205 15 136,792 86,545
Vermont 1 8,814 6,503 — — — 1 8,814 6,503
Washington 1 18,859 15,545 — — — 1 18,859 15,545
Wisconsin — — — 1 753 753 1 753 753
Wyoming — — — 1 500 500 1 500 500
67 714,375 501,964 22 12,570 12,335 89 726,945 514,299
303 $ 6,458,029 $ 4,351,260 788 $ 4,494,549 $ 3,107,013 1,091 $ 10,952,578 $ 7,458,273
At December 31, 2021, 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 34 years (range of 13 to 66 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 $319 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. However, if a hotel manager 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, 2021, 16 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 10 years (range of 1 year to 20 years). Ground rent payable under the ground leases is generally a fixed amount, averaging $424 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.
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The aggregate depreciated carrying value of our properties subject to ground leases was as follows at December 31, 2021 (in thousands):
14 hotels (1)
$ 317,303
16 net lease (2)
58,579
Total $ 375,882
(1) Two of these hotels with a depreciated carrying value totaling $57,538 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 $26,877 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.