Item 2. Properties
Item 2. Properties
At December 31, 2022, we owned 238 hotels and 765 retail net lease properties. The following tables summarize certain information about our properties as of December 31, 2022 (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 $ 28,245 $ 16,595 32 $ 109,009 $ 83,530 35 $ 137,254 $ 100,125
Alaska — — — 1 3,716 2,667 1 3,716 2,667
Arizona 14 205,470 118,650 25 184,226 140,048 39 389,695 258,698
Arkansas — — — 16 86,241 56,683 16 86,241 56,683
California 36 1,019,146 660,026 22 220,971 178,572 58 1,240,117 838,599
Colorado 5 141,493 101,973 8 89,008 73,303 13 230,501 175,276
Connecticut — — — 3 18,404 10,510 3 18,404 10,510
Delaware 1 15,396 11,709 — — — 1 15,396 11,709
Florida 11 241,236 151,605 46 193,800 154,261 57 435,037 305,866
Georgia 16 379,609 244,064 74 217,377 172,177 90 596,985 416,240
Hawaii 1 111,235 60,916 — — — 1 111,235 60,916
Idaho — — — 2 17,801 13,588 2 17,801 13,588
Illinois 10 401,965 292,737 54 230,205 185,722 64 632,170 478,460
Indiana 2 26,149 12,195 42 190,122 149,592 44 216,272 161,786
Iowa 1 6,762 3,055 10 29,184 24,064 11 35,946 27,118
Kansas 1 12,894 7,137 5 38,100 30,460 6 50,994 37,597
Kentucky — — — 13 54,545 39,991 13 54,545 39,991
Louisiana 3 239,079 172,905 12 96,345 67,674 15 335,424 240,579
Maryland 5 113,772 66,366 8 58,595 36,769 13 172,366 103,135
Massachusetts 8 235,649 158,741 — — — 8 235,649 158,741
Michigan 8 68,326 37,144 52 97,887 73,851 60 166,213 110,995
Minnesota 4 111,895 83,082 12 70,863 60,443 16 182,758 143,524
Mississippi — — — 5 23,165 16,418 5 23,165 16,418
Missouri 4 152,278 112,096 25 99,110 75,367 29 251,388 187,463
Nebraska — — — 5 25,549 14,820 5 25,549 14,820
Nevada 3 54,242 29,997 6 144,209 104,168 9 198,451 134,165
New Hampshire — — — 1 5,955 3,350 1 5,955 3,350
New Jersey 8 139,675 80,364 3 76,460 53,487 11 216,135 133,851
New Mexico 2 26,376 11,841 16 96,674 65,684 18 123,050 77,525
New York 1 59,031 36,063 9 46,421 30,537 10 105,452 66,600
North Carolina 8 140,518 87,587 17 61,660 46,866 25 202,179 134,453
North Dakota — — — 1 3,476 2,960 1 3,476 2,960
Ohio 5 114,917 84,244 39 245,692 182,052 44 360,609 266,296
Oklahoma 1 7,262 3,891 12 66,515 55,863 13 73,777 59,754
Oregon 1 117,417 91,610 7 72,671 62,434 8 190,088 154,044
Pennsylvania 5 112,046 65,830 28 151,776 110,074 33 263,823 175,904
Rhode Island 1 16,316 6,891 — — — 1 16,316 6,891
South Carolina 1 48,917 30,078 17 93,270 69,413 18 142,187 99,490
Tennessee 7 147,257 69,864 37 110,354 85,117 44 257,612 154,981
Texas 20 319,893 165,999 56 375,619 275,194 76 695,511 441,193
Utah 2 68,493 33,021 3 13,063 8,501 5 81,556 41,522
Virginia 8 116,058 59,612 18 73,898 56,844 26 189,955 116,456
Washington 7 192,904 131,368 4 21,784 17,316 11 214,687 148,684
West Virginia 1 10,199 5,069 5 14,410 10,714 6 24,608 15,783
Wisconsin 2 45,922 34,727 4 10,908 7,536 6 56,829 42,263
Wyoming — — — 6 58,896 37,504 6 58,896 37,504
216 5,248,042 3,339,052 761 3,897,934 2,946,124 977 9,145,973 6,285,173
Washington, D.C. 1 144,852 132,678 — — — 1 144,852 132,678
Ontario, Canada 2 53,778 30,374 — — — 2 53,778 30,374
Puerto Rico 1 216,266 142,511 — — — 1 216,266 142,511
4 414,896 305,563 — — — 4 414,896 305,563
Total 220 $ 5,662,938 $ 3,644,615 761 $ 3,897,934 $ 2,946,124 981 $ 9,560,869 $ 6,590,736
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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:
Georgia 1 $ 5,666 $ 4,976 — $ — $ — 1 $ 5,666 $ 4,976
Illinois — — — 2 729 729 2 729 729
Maryland 1 4,220 4,220 — — — 1 4,220 4,220
Massachusetts 1 7,746 6,678 — — — 1 7,746 6,678
New Jersey 1 11,451 11,451 — — — 1 11,451 11,451
New York 3 22,064 18,511 — — — 3 22,064 18,511
North Carolina 2 12,381 10,418 — — — 2 12,381 10,418
Ohio — — — 2 648 648 2 648 648
Oklahoma 1 7,348 6,471 — — — 1 7,348 6,471
Pennsylvania 3 23,370 20,113 — — — 3 23,370 20,113
South Carolina 1 5,295 4,749 — — — 1 5,295 4,749
Texas 1 5,692 5,064 — — — 1 5,692 5,064
Virginia 3 19,735 17,569 — — — 3 19,735 17,569
Total 18 124,968 110,220 4 1,377 1,377 22 126,345 111,597
238 $ 5,787,902 $ 3,754,835 765 $ 3,899,311 $ 2,947,497 1,003 $ 9,687,214 $ 6,702,332
At December 31, 2022, 13 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 33 years (range of 12 to 65 years). Ground rent payable under eight of the ground leases is generally calculated as a percentage of hotel revenues. Twelve of the 13 ground leases require annual minimum rents averaging $256 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, 2022, 15 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 9 years (range of 1 to 19 years). Ground rent payable under the ground leases is generally a fixed amount, averaging $435 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, 2022 (in thousands):
13 hotels (1)
$ 317,303
15 net lease (2)
65,059
Total $ 382,362
(1) Two of these hotels with a depreciated carrying value totaling $54,715 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 $25,105 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.