Real Estate Properties (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Schedule of allocation of purchase prices by location

Our allocation of the purchase price of each of our acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. We accounted for these transactions as acquisitions of assets.

Acquisition Date	Location	Property Type	Rooms or Square feet	Purchase Price (1)		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment		Held For Sale		Intangible Assets
Properties acquired during the year ended December 31, 2021
3/9/2021	Nashville, TN	Net Lease	—	$	7,709	$	7,709	$	—	$	—	$	—	$	—	$	—
Properties acquired during the year ended December 31, 2020
3/12/2020	Two states	Net Lease	6,696	$	7,071	$	880	$	—	$	5,363	$	—	$	—	$	828
Properties acquired during the year ended December 31, 2019
2/22/2019	Washington, D.C.	Hotel	335	$	143,742	$	44,972	$	151	$	93,412	$	5,207	$	—	$	—
5/7/2019	Milwaukee, WI	Hotel	198	30,235		3,442		1,053		25,132		608		—		—
8/1/2019	Southington, CT	Land	N.A.	66		66		—		—		—		—		—
9/20/2019	Various (2)	Net Lease	12,372,762	2,482,382		388,057		—		1,201,922		—		604,989		287,414
10/9/2019	Chicago, IL	Hotel	261	55,560		7,723		—		45,059		2,778		—		—
				$	2,711,985	$	444,260	$	1,204	$	1,365,525	$	8,593	$	604,989	$	287,414

(1)Includes acquisition related costs.

(2)On September 20, 2019, we acquired a 767 property net lease portfolio with 12.4 million rentable square feet from Spirit MTA REIT, a Maryland REIT, (NYSE: SMTA), or SMTA, located in 45 states, or the SMTA Transaction. The aggregate transaction value of the SMTA Transaction was $2,482,382, including $2,384,577 in cash consideration, $82,069 of prepayment penalties related to SMTA’s extinguishment of the mortgage debt on the portfolio and $15,736 of other capitalized acquisition costs. The properties included in the portfolio were net leased to 279 tenants operating in 23 distinct industries and 163 brands that include quick service and casual dining restaurants, movie theaters, health and fitness, grocery, automotive parts and services and other service-oriented and necessity-based industries across 45 states. We financed the SMTA Transaction with borrowings under our revolving credit facility and with cash on hand, including net proceeds from our public offerings of senior unsecured notes, as described further in Note 6. As of December 31, 2021, we had $4,310 of unspent leasing related obligations assumed as a part of the SMTA Transaction.

Schedule of sale of properties

During the years ended December 31, 2021, 2020 and 2019 we sold 18, 39 and 150 properties, respectively, for an aggregate sales price of $52,332, $174,172, and $821,212 respectively, excluding closing costs, as presented in the table below. The sales of these properties in the table below do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).

Year of Sale	Property Type	Number of Properties	Rooms or Suites/Square Feet	Gross Sales Price		Gain/ (Loss) on Sale
Properties sold during the year ended December 31, 2021
2021	Hotels	7	669	$	40,552	$	9,590
2021	Net Lease	11	97,276	11,780		1,932
		18	669 /97,276	$	52,332	$	11,522
Properties sold during the year ended December 31, 2020
2020	Hotels	18	2,046	$	85,787	$	17,550
2020	Net Lease	21	1,375,483	88,385		(15,289)
		39	2,046/1,375,483	$	174,172	$	2,261
Properties sold during the year ended December 31, 2019
2019	Net Lease	150	3,314,724	$	821,212	$	159,535