−Removed: At December 31, 2024, we owned 206 hotels and 742 service-focused retail net lease properties.
+Added: At December 31, 2025, we owned 760 service-focused retail net lease properties and 94 hotels.
The following tables summarize certain information about our properties as of December 31, 2025 (dollars in thousands):
−Removed: Hotels Net Lease All Properties
+Added: Net Lease Hotels All Properties
Properties Number of
55 unchanged sentences
Total 759 $ 3,670,622 $ 2,587,973 84 $ 4,278,410 $ 2,918,093 843 $ 7,949,032 $ 5,506,066
−Removed: Hotels Net Lease All Properties
+Added: Net Lease Hotels All Properties
Properties Number of
2 unchanged sentences
Held For Sale:
−Removed: Alabama 1 $ 8,250 $ 3,775 — $ — $ — 1 $ 8,250 $ 3,775
+Added: Arizona — — — 1 13,322 3,677 1 13,322 3,677
+Added: Delaware — — — 1 15,064 11,660 1 15,064 11,660
Georgia — — — 1 8,256 4,906 1 8,256 4,906
−Removed: Illinois — — — 2 374 374 2 374 374
−Removed: Indiana — — — 1 73 73 1 73 73
−Removed: Iowa — — — 1 1,653 701 1 1,653 701
+Added: Massachusetts — — — 2 39,104 22,896 2 39,104 22,896
Michigan — — — 1 14,383 7,607 1 14,383 7,607
−Removed: Minnesota 1 13,620 3,761 — — — 1 13,620 3,761
−Removed: Missouri 1 13,097 5,380 — — — 1 13,097 5,380
+Added: New Jersey — — — 2 34,935 16,771 2 34,935 16,771
Ohio — — — 1 16,906 14,076 1 16,906 14,076
−Removed: Pennsylvania 2 20,862 10,230 — — — 2 20,862 10,230
−Removed: Texas 1 14,066 6,715 — — — 1 14,066 6,715
+Added: Tennessee 1 1,067 573 — — — 1 1,067 573
+Added: West Virginia — — — 1 10,714 5,026 1 10,714 5,026
Total 1 $ 1,067 $ 573 10 $ 152,684 $ 86,619 11 $ 153,751 $ 87,192
760 $ 3,671,689 $ 2,588,546 94 $ 4,431,094 $ 3,004,712 854 $ 8,102,783 $ 5,593,258
−Removed: As of December 31, 2024, 315 of our net lease properties with an aggregate undepreciated carrying value of $760.0 million were encumbered by mortgage notes with an aggregate principal balance of $606.6 million, and 70 of our net lease travel center properties with an aggregate undepreciated carrying value of $761.1 million secured our $1.0 billion senior secured notes.
−Removed: In addition, 69 properties, including 66 hotels and three net lease properties, with an aggregate undepreciated carrying value of $1,717.3 million secured our revolving credit facility.
+Added: As of December 31, 2025, 314 of our net lease properties with an aggregate undepreciated carrying value of $751.5 million were encumbered by mortgage notes with an aggregate principal balance of $649.7 million, 70 of our net lease travel center properties with an aggregate undepreciated carrying value of $739.2 million secured our $1.0 billion senior secured notes, and 36 of our travel center properties with an aggregate undepreciated carrying value of $413.9 million secured our $580.2 million in aggregate principal amount at maturity of zero coupon senior secured notes.
+Added: In addition, 55 properties, including 38 net lease properties and 17 hotels, with an aggregate undepreciated carrying value of $890.4 million secured our revolving credit facility.
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.
−Removed: At December 31, 2024, eight of our hotels and 13 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) for our hotels and our net lease properties is approximately 38 years (range of ten to 63 years) and 18 years (range of four months to 40 years), respectively.
+Added: At December 31, 2025, 13 of our net lease properties and eight of our hotels 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 these net lease and hotel properties is approximately 18 years (range of six years to 39 years) and 37 years (range of nine years to 62 years), respectively.
+Added: Ground rent payable under the ground leases for our net lease properties is generally a fixed amount, averaging $519 thousand per year.
Ground rent payable under three of the hotel ground leases is generally calculated as a percentage of hotel revenues.
1 unchanged sentence
future rent under one ground lease has been prepaid.
−Removed: Ground rent payable under the ground leases for our net lease properties is generally a fixed amount, averaging $505 thousand per year.
−Removed: Pursuant to the terms of our management agreements and leases, payments of ground lease obligations are generally made by our hotel managers and tenants.
−Removed: 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.
+Added: Pursuant to the terms of our leases and management agreements, payments of ground lease obligations are generally made by our tenants and hotel managers.
+Added: However, if a tenant or a hotel manager 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.
At December 31, 2025, the aggregate depreciated carrying value of our properties subject to ground leases was as follows (dollars in thousands):
−Removed: Eight hotels (1)
13 net lease (1)
+Added: Eight hotels (2)
Total $ 187,087
−Removed: (1) Two of these hotels with a depreciated carrying value totaling $52,697 are partially on land we lease from unrelated third parties.
−Removed: The leased land is generally used for parking.
−Removed: We believe these two hotels would be operable without the leased land.
(1) Three of these net lease properties with a depreciated carrying value totaling $21,247 are partially on land we lease from unrelated third parties.
2 unchanged sentences
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.
+Added: (2) Two of these hotels with a depreciated carrying value totaling $54,056 are partially on land we lease from unrelated third parties.
+Added: The leased land is generally used for parking.
+Added: We believe these two hotels would be operable without the leased land.
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.