−Removed: At December 31, 2022, we owned 238 hotels and 765 retail net lease properties.
+Added: At December 31, 2023, we owned 221 hotels and 752 service-focused retail net lease properties.
The following tables summarize certain information about our properties as of December 31, 2023 (dollars in thousands):
Hotels Net Lease All Properties
+Added: Properties Number of
Properties Undepreciated Carrying Value Depreciated Carrying Value Number of
49 unchanged sentences
216 5,568,006 3,518,965 743 3,800,346 2,789,643 959 9,368,352 6,308,608
−Removed: Washington, D.C.
−Removed: 1 144,852 132,678 — — — 1 144,852 132,678
+Added: Washington, DC 1 146,147 130,722 — — — 1 146,147 130,722
Ontario, Canada 2 55,082 29,337 — — — 2 55,082 29,337
3 unchanged sentences
Hotels Net Lease All Properties
+Added: Properties Number of
Properties Undepreciated Carrying Value Depreciated Carrying Value Number of
1 unchanged sentence
Held For Sale:
−Removed: Georgia 1 $ 5,666 $ 4,976 — $ — $ — 1 $ 5,666 $ 4,976
Illinois — $ — $ — 3 $ 777 $ 777 3 $ 777 $ 777
−Removed: Maryland 1 4,220 4,220 — — — 1 4,220 4,220
−Removed: Massachusetts 1 7,746 6,678 — — — 1 7,746 6,678
−Removed: New Jersey 1 11,451 11,451 — — — 1 11,451 11,451
−Removed: New York 3 22,064 18,511 — — — 3 22,064 18,511
−Removed: North Carolina 2 12,381 10,418 — — — 2 12,381 10,418
+Added: Indiana — — — 1 73 73 1 73 73
+Added: Michigan — — — 2 239 239 2 239 239
+Added: Minnesota 1 6,919 4,060 — — — 1 6,919 4,060
+Added: Missouri — — — 1 5,044 5,044 1 5,044 5,044
Ohio — — — 2 253 253 2 253 253
−Removed: Oklahoma 1 7,348 6,471 — — — 1 7,348 6,471
−Removed: Pennsylvania 3 23,370 20,113 — — — 3 23,370 20,113
−Removed: South Carolina 1 5,295 4,749 — — — 1 5,295 4,749
−Removed: Texas 1 5,692 5,064 — — — 1 5,692 5,064
−Removed: Virginia 3 19,735 17,569 — — — 3 19,735 17,569
Total 1 $ 6,919 $ 4,060 9 $ 6,386 $ 6,386 10 $ 13,305 $ 10,446
221 $ 5,992,910 $ 3,818,957 752 $ 3,806,732 $ 2,796,029 973 $ 9,799,642 $ 6,614,986
−Removed: At December 31, 2022, 13 of our hotels were on land we leased partially or entirely from unrelated third parties.
−Removed: The average remaining term of the ground leases (including renewal options) is approximately 33 years (range of 12 to 65 years).
−Removed: Ground rent payable under eight of the ground leases is generally calculated as a percentage of hotel revenues.
−Removed: Twelve of the 13 ground leases require annual minimum rents averaging $256 per year;
−Removed: future rents under two ground leases have been prepaid.
−Removed: Pursuant to the terms of our management agreements and leases, payments of ground lease obligations are generally made by our hotel managers.
−Removed: 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.
−Removed: Any pledge, sale or transfer of our interests in a ground lease may require the consent of the applicable ground lessor and its lenders.
−Removed: At December 31, 2022, 15 of our net lease properties were on land we leased partially or entirely from unrelated third parties.
−Removed: The average remaining term of the ground leases (including renewal options) is approximately 9 years (range of 1 to 19 years).
−Removed: Ground rent payable under the ground leases is generally a fixed amount, averaging $435 per year.
−Removed: Payments of these ground lease obligations are made by our tenants.
−Removed: 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.
+Added: As of December 31, 2023, 308 of our net lease properties with an aggregate undepreciated carrying value of $755.1 million were encumbered by mortgage notes with an aggregate principal balance of $608.6 million, and 70 of our net lease travel center properties with an aggregate undepreciated carrying value of $785.9 million secured our $1.0 billion senior secured notes.
+Added: In addition, 69 properties, including 66 hotels and three net lease properties, with an aggregate undepreciated carrying value of $1,594.3 million secured our revolving credit facility.
+Added: For further information regarding our mortgage notes, senior secured notes, and revolving credit facility, see Note 6 to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
+Added: At December 31, 2023, eight of our hotels and 14 of our net lease properties were on land we leased partially or entirely from unrelated third parties.
+Added: The average remaining term of the ground leases (including renewal options) for our hotels and our net lease properties is approximately 39 years (range of 11 to 64 years) and 16 years (range of three months to 41 years), respectively.
+Added: Ground rent payable under three of the hotel ground leases is generally calculated as a percentage of hotel revenues.
+Added: Seven of the eight hotel ground leases require annual minimum rents averaging $337 thousand per year;
+Added: future rent under one ground lease has been prepaid.
+Added: Ground rent payable under the ground leases for our net lease properties is generally a fixed amount, averaging $420 thousand per year.
+Added: Pursuant to the terms of our management agreements and leases, payments of ground lease obligations are generally made by our hotel managers and tenants.
+Added: However, if a hotel manager or a tenant does not perform obligations under a ground lease or elects 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.
−Removed: The aggregate depreciated carrying value of our properties subject to ground leases was as follows at December 31, 2022 (in thousands):
−Removed: 13 hotels (1)
+Added: At December 31, 2023, the aggregate depreciated carrying value of our properties subject to ground leases was as follows (dollars in thousands):
14 net lease (2)
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.