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Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
The table below presents certain of our assets carried at fair value at December 31, 2024, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
Fair Value at Reporting Date Using
DescriptionTotalQuoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1)(2)
$14,664 $— $13,382 $1,282 
Assets of properties held and used (3)
$7,408 $— $— $7,408 
(1)We recorded impairment charges totaling $13,641 during the year ended December 31, 2024, to reduce the carrying value of three hotels and two net lease properties in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $687, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).
(2)We recorded impairment charges totaling $4,512 during the year ended December 31, 2024, to reduce the carrying value of one net lease property in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $68, based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
(3)We recorded impairment charges totaling $4,285 during the year ended December 31, 2024, to reduce the carrying value of one net lease property in our consolidated balance sheet to its estimated fair value. We determined the estimated fair value of this property by discounting expected future cash flows based on prevailing market rents and including an exit capitalization rate to determine the final year of cash flows. Our assessment to determine the estimated fair value of this property used significant unobservable inputs (Level 3 inputs as defined in the fair value hierarchy under GAAP) including a discount rate of 7.0% and an exit capitalization rate of 6.3%.
In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, net lease mortgage notes, senior notes and security deposits. At December 31, 2024 and 2023, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
December 31, 2024December 31, 2023
CarryingFairCarryingFair
Value (1)
Value
Value (1)
Value
Senior Unsecured Notes, due 2025 at 4.50%
$— $— $349,181 $341,688 
Senior Unsecured Notes, due 2025 at 7.50%
— — 796,007 808,888 
Senior Unsecured Notes, due 2026 at 5.25%
348,730 339,889 347,601 339,780 
Senior Unsecured Notes, due 2026 at 4.75%
448,957 425,237 448,347 419,909 
Senior Unsecured Notes, due 2027 at 4.95%
398,428 373,796 397,672 362,108 
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
446,758 420,809 445,631 412,002 
Net Lease Mortgage Notes, due 2028 at 5.60%
568,283 585,236 558,876 585,784 
Senior Unsecured Notes, due 2028 at 3.95%
396,505 335,056 395,355 327,708 
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
682,934 676,725 — — 
Senior Unsecured Notes, due 2029 at 4.95%
421,269 338,071 420,477 351,726 
Senior Unsecured Notes, due 2030 at 4.375%
394,189 301,752 393,056 310,524 
Senior Secured Notes, due 2031 at 8.625%
972,073 1,040,590 968,017 1,047,430 
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
482,577 462,755 — — 
Total financial liabilities$5,560,703 $5,299,916 $5,520,220 $5,307,547 
(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.
At December 31, 2024 and 2023, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs). At December 31, 2024 and 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.