Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset

The table below presents certain of our assets carried at fair value at March 31, 2022, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.


	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Recurring Fair Value Measurement Assets:
Investment in TA (Level 1) (1)	$	50,899	$	50,899	$	61,159	$	61,159
Non-Recurring Fair Value Measurement Assets:
Assets of properties held for sale (Level 2) (2)	$	452,100	$	452,100	$	—	$	—
Assets of properties held for sale (Level 3) (2)	$	—	$	—	$	515,518	$	515,518

(1)See Note 6 for further information regarding our investment in TA.

(2)As of March 31, 2022, we owned 62 hotels with 7,607 rooms with an aggregate carrying value of $445,935 classified as held for sale and 19 net lease properties with 117,142 square feet with an aggregate carrying value of $6,165 classified as held for sale. These properties are recorded at their estimated fair value less costs to sell based on offers received from third parties (Level 2 inputs as defined in the fair value hierarchy under GAAP). As of December 31, 2021, we owned 67 hotels with 8,667 rooms with an aggregate carrying value of $503,078 classified as held for sale and 22 net lease properties with 154,206 square feet with an aggregate carrying value of $12,440 classified as held for sale. These properties are recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $78,620 loss on asset impairment in 2021 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell.

Schedule of fair value of additional financial instruments

At March 31, 2022 and December 31, 2021, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:


	March 31, 2022				December 31, 2021
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Senior Unsecured Notes, due 2022 at 5.00%	$	499,546	$	499,878	$	499,244	$	501,033
Senior Unsecured Notes, due 2023 at 4.50%	499,802		495,955		499,761		505,378
Senior Unsecured Notes, due 2024 at 4.65%	349,206		337,362		349,105		347,039
Senior Unsecured Notes, due 2024 at 4.35%	821,384		799,310		821,017		821,184
Senior Unsecured Notes, due 2025 at 4.50%	347,978		330,433		347,806		342,493
Senior Unsecured Notes, due 2025 at 7.50%	791,924		837,868		791,340		867,712
Senior Unsecured Notes, due 2026 at 5.25%	345,624		331,644		345,342		348,537
Senior Unsecured Notes, due 2026 at 4.75%	447,278		413,582		447,126		439,889
Senior Unsecured Notes, due 2027 at 4.95%	396,349		371,150		396,160		395,862
Senior Unsecured Notes, due 2027 at 5.50%	443,659		441,153		443,383		461,522
Senior Unsecured Notes, due 2028 at 3.95%	393,344		340,798		393,057		370,562
Senior Unsecured Notes, due 2029 at 4.95%	419,093		366,218		418,895		407,448
Senior Unsecured Notes, due 2030 at 4.375%	391,071		333,256		390,786		370,836
Total financial liabilities	$	6,146,258	$	5,898,607	$	6,143,022	$	6,179,495

(1)Carrying value includes unamortized discounts and premiums and issuance costs.