Schedule III—Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III—Real Estate and Accumulated Depreciation

				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)		Land		Building & Improvements		Improvements		Impairment		Cost Basis Adjustment(2)		Land		Building & Improvements		Total(3)		Accumulated Depreciation(4)		Date of Construction	Date Acquired
	Hotel Properties
17	Royal Sonesta Hotels® (5)	$	—	$	229	$	1,118	$	445	$	(9)	$	(17)	$	229	$	1,537	$	1,766	$	(476)	1912 through 2010	2001 through 2019
22	Sonesta Hotels & Resorts® (5)	—		216		641		479		(51)		(17)		216		1,052		1,268		(339)		1950 through 2010	1998 through 2023
51	Sonesta ES Suites® (5)	—		115		502		417		(35)		(71)		115		813		928		(407)		1985 through 2009	1996 through 2018
37	Sonesta Select® (5)	—		79		351		241		(4)		(87)		79		501		580		(313)		1987 through 2000	1995 through 2001
46	Sonesta Simply Suites® (5)	—		61		304		142		(17)		(38)		61		391		452		(211)		1997 through 2021	1997 through 2003
17	Hyatt Place® (5)	—		20		137		120		—		(9)		20		248		268		(98)		1995 through 2002	1997 through 2002
5	Radisson® Hotels & Resorts	—		9		93		59		—		(2)		9		150		159		(83)		1987 through 1990	1996 through 1997
1	Crowne Plaza®	—		17		69		32		—		(1)		17		100		117		(21)		1986	2017
2	Country Inn & Suites® by Radisson	—		3		24		11		—		—		3		35		38		(21)		1989	1996
	Net Lease Service Retail Properties
131	TravelCenters of America (6)	—		564		936		452		—		(455)		564		933		1,497		(530)		1962 through 2017	2007 through 2017
44	Petro Stopping Centers (6)	—		260		522		195		—		(243)		260		474		734		(255)		1975 through 2017	2008 through 2017
14	The Great Escape	—		19		64		—		—		—		19		64		83		(12)		1986 through 2007	2019
3	Life Time Fitness	—		17		56		—		—		—		17		56		73		(11)		1987 through 2012	2019
5	Buehler's Fresh Foods	52		10		49		—		—		—		10		49		59		(13)		1980 through 2000	2019
59	Heartland Dental	—		11		37		1		—		—		11		38		49		(8)		1920 through 2005	2019
10	Norms	—		23		24		1		—		—		23		25		48		(6)		1957 through 2014	2019
5	AMC Theatres	—		13		34		1		—		—		13		35		48		(8)		1995 through 2008	2019
23	Express Oil Change	37		6		37		—		—		—		6		37		43		(7)		1965 through 2001	2019
40	Pizza Hut	24		12		28		—		—		—		12		28		40		(15)		1915 through 2006	2019
3	Flying J Travel Plaza (5)	—		6		32		1		—		—		6		33		39		(6)		2001	2019
9	Vacant	—		22		20		5		(5)		(5)		19		18		37		(4)		1977 through 2005	2007 through 2019
6	America's Auto Auction	27		7		23		6		—		—		7		29		36		(6)		1960 through 2005	2019
4	Courthouse Athletic Club	20		5		28		—		—		—		5		28		33		(6)		1980 through 2001	2019
2	Big Al's	17		3		28		—		—		—		3		28		31		(4)		2006 through 2010	2019
4	B&B Theatres	—		12		15		3		—		—		12		18		30		(5)		1998 through 2004	2019
1	Fleet Farm	—		3		28		—		—		—		3		28		31		(5)		1979	2019
16	Martin's	21		7		21		—		—		(1)		7		20		27		(5)		1962 through 2003	2019
19	Arby's	18		7		19		—		—		—		7		19		26		(8)		1967 through 2005	2019
17	Burger King	18		5		21		—		—		—		5		21		26		(7)		1979 through 2000	2019

			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition			Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)	Land	Building & Improvements	Improvements	Impairment	Cost Basis Adjustment(2)	Land	Building & Improvements	Total(3)	Accumulated Depreciation(4)	Date of Construction	Date Acquired
5	Regal Cinemas	—	5	21	—	—	—	5	21	26	(5)	2005 through 2010	2019
20	Popeye's Chicken & Biscuits	21	8	17	—	—	—	8	17	25	(6)	1968 through 2003	2019
4	Crème de la Crème	19	7	18	—	—	—	7	18	25	(3)	1999 through 2003	2019
32	Church's Chicken	—	5	18	—	—	—	5	18	23	(5)	1968 through 1983	2019
15	Hardee's	16	4	18	—	—	—	4	18	22	(6)	1977 through 1997	2019
5	Mister Car Wash	20	2	19	1	—	—	2	20	22	(3)	1960 through 2005	2019
6	United Supermarkets	16	4	17	—	—	—	4	17	21	(6)	1979 through 1997	2019
2	Mesa Fitness	14	3	17	—	—	—	3	17	20	(3)	1983 through 2007	2019
13	Taco Bell	14	4	15	—	—	—	4	15	19	(4)	1982 through 2019	2019 through 2020
28	Uncle Ed's Oil Shoppe	—	6	12	—	—	—	6	12	18	(5)	1959 through 1999	2019
1	CarMax	—	5	13	—	—	—	5	13	18	(2)	2005	2019
1	Multi-Tenant	—	2	19	5	(9)	(1)	2	14	16	(4)	1986 through 2001	2019
2	Fusion Gyms	—	3	10	2	—	—	3	12	15	(2)	1987 through 1994	2019
5	Pike Nursery	16	8	6	—	—	—	8	6	14	(2)	1970 through 1996	2019
1	Dave & Buster's	12	3	11	—	—	—	3	11	14	(2)	1972	2019
2	HHI-Formtech	9	3	10	—	—	—	3	10	13	(5)	1952	2019
3	Golden Corral	—	4	8	—	—	(1)	4	7	11	(2)	1989 through 2000	2019
2	Sanford's Grub & Pub	—	1	10	—	—	—	1	10	11	(2)	1928 through 2003	2019
5	Fuddruckers	—	4	6	—	—	—	4	6	10	(2)	1994 through 1995	2019
4	Rite Aid	—	3	7	—	—	—	3	7	10	(2)	1993 through 2000	2019
4	Texas Roadhouse	6	7	6	—	—	(3)	7	3	10	(1)	1992 through 2003	2019
2	Eddie Merlot's	6	2	8	—	—	—	2	8	10	(2)	2001 through 2003	2019
1	Baptist Emergency Hospital	10	2	8	—	—	—	2	8	10	(1)	2013	2019
12	Core & Main	4	4	5	—	—	—	4	5	9	(2)	1972 through 1998	2019
5	Lerner and Rowe	9	1	8	—	—	—	1	8	9	(1)	1970 through 2007	2019
4	Meineke Car Care Center	—	3	6	—	—	—	3	6	9	(1)	1999 through 2000	2019
1	Cermak Fresh Market	6	2	7	—	—	—	2	7	9	(4)	1989	2019
1	Columbus Preparatory Academy	6	1	8	—	—	—	1	8	9	(1)	2004	2019
1	Academy Sports + Outdoors	5	1	6	—	—	—	1	6	7	(1)	2016	2019
1	Austin's Park n' Pizza	5	—	8	—	—	—	—	8	8	(2)	2003	2019
1	Kohl's	5	2	6	—	—	—	2	6	8	(2)	1986	2019
1	LA Fitness	—	1	7	—	—	—	1	7	8	(1)	2012	2019
9	Sonic Drive-In	7	3	4	—	—	—	3	4	7	(2)	1991 through 2018	2019
3	Krispy Kreme	7	2	5	—	—	—	2	5	7	(1)	2000 through 2004	2019
3	Oregano's Pizza Bistro	5	1	6	—	—	—	1	6	7	(2)	1964 through 2006	2019
2	Blue Rhino	15	3	4	—	—	—	3	4	7	(1)	2004	2019
2	Diagnostic Health	—	1	6	—	—	—	1	6	7	(1)	1985 through 1997	2019

			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition			Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)	Land	Building & Improvements	Improvements	Impairment	Cost Basis Adjustment(2)	Land	Building & Improvements	Total(3)	Accumulated Depreciation(4)	Date of Construction	Date Acquired
1	Marcus Theaters	—	2	5	—	—	—	2	5	7	(2)	1999	2019
7	Hughes Supply	3	2	4	—	—	—	2	4	6	(1)	1976 through 1993	2019
5	Brookshire Brothers	5	1	5	—	—	—	1	5	6	(2)	1992 through 1999	2019
3	Jack's Family Restaurant	4	2	4	—	—	—	2	4	6	(1)	2008 through 2016	2019
3	Wendy's	6	1	5	—	—	—	1	5	6	(1)	1984 through 1996	2019
2	Flying Star Cafe	4	1	5	—	—	—	1	5	6	(1)	1994 through 1999	2019
1	Jack Stack Barbeque	4	1	5	—	—	—	1	5	6	(1)	1983	2019
2	10 Box	4	2	3	—	—	—	2	3	5	(1)	1994	2019
2	Bricktown Brewery	4	1	4	—	—	—	1	4	5	(2)	1904 through 1984	2019
2	Gerber Collision & Glass	4	1	4	—	—	—	1	4	5	(1)	2001 through 2002	2019
2	HD Supply White Cap	3	2	3	—	—	—	2	3	5	(1)	1990 through 2001	2019
2	Walgreens	3	—	5	—	—	—	—	5	5	(1)	1993 through 1999	2019
1	Angstrom	5	2	3	—	—	—	2	3	5	(2)	1987	2019
1	Mak Pack	3	1	4	—	—	—	1	4	5	(1)	2007	2019
1	Planet Fitness	4	1	4	—	—	—	1	4	5	(1)	2007	2019
1	RGB Eye Associates	5	1	4	—	—	—	1	4	5	(1)	2013	2019
1	Sportsman's Warehouse	3	1	3	1	—	—	1	4	5	(2)	1983	2019
2	Famous Dave's	3	1	3	—	—	—	1	3	4	(1)	1997 through 1999	2019
2	Focus Child Development Center	—	1	3	—	—	—	1	3	4	—	1996 through 1998	2019
1	Ashley Furniture	2	1	3	—	—	—	1	3	4	(1)	2000	2019
1	Boozman-Hof	—	2	2	—	—	—	2	2	4	—	1988	2019
1	Eriks Bike Shop	—	1	3	—	—	—	1	3	4	(1)	1996	2019
1	Miller Waste Mills	—	—	4	—	—	—	—	4	4	(2)	1960	2019
1	Mind 24-7	—	1	3	2	(3)	—	1	2	3	—	2008	2019
1	Rainbow Kids Clinic	3	1	3	—	—	—	1	3	4	—	2011	2019
1	Win Win	—	1	3	—	—	—	1	3	4	(1)	1990	2019
2	Anixter	2	1	2	—	—	—	1	2	3	(1)	1984 through 1999	2019
2	Monterey's Tex Mex	1	1	2	—	—	—	1	2	3	(1)	1979 through 1997	2019
1	Applebee's	—	1	2	—	—	—	1	2	3	(1)	1996	2019
1	Axels	—	—	3	—	—	—	—	3	3	(1)	1995	2019
1	Black Angus Steakhouse	2	1	2	—	—	—	1	2	3	—	1996	2019
1	Buffalo Wild Wings	2	1	2	—	—	—	1	2	3	—	2014	2019
1	Heytex USA	—	—	2	—	—	—	—	2	2	(1)	1967	2019
1	Kerry's Car Care	2	1	2	—	—	—	1	2	3	—	2015	2019
1	Nacarato Trucks	—	—	2	—	—	—	—	2	2	(1)	1985	2019
1	Ojos Locos Sports Cantina	2	1	2	—	—	—	1	2	3	(1)	1993	2019
1	Slim Chickens	2	1	2	—	—	—	1	2	3	—	2014	2019
1	Southwest Stainless, LP	2	—	3	—	—	—	—	3	3	(1)	1984	2019

			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition			Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)	Land	Building & Improvements	Improvements	Impairment	Cost Basis Adjustment(2)	Land	Building & Improvements	Total(3)	Accumulated Depreciation(4)	Date of Construction	Date Acquired
1	Spoons Place	—	1	2	—	—	—	1	2	3	—	1996	2019
1	Tractor Supply	—	—	3	—	—	—	—	3	3	—	2007	2019
1	What the Buck	—	—	3	—	—	—	—	3	3	(1)	1958	2019
2	Affordable Care, Inc.	—	1	1	—	—	—	1	1	2	—	2008 through 2010	2019
2	Dollar General	1	—	2	—	—	—	—	2	2	—	2015	2019
2	Hooters	4	1	1	—	—	—	1	1	2	(1)	1977 through 1994	2019
2	Rally's	1	1	1	—	—	—	1	1	2	—	1992	2019
2	Taco Bueno	2	1	1	—	—	—	1	1	2	(1)	1991 through 2003	2019
1	Bridgestone Tire	2	1	1	—	—	—	1	1	2	—	1998	2019
1	Cycle Gear	1	1	1	—	—	—	1	1	2	(1)	1989	2019
1	Long John Silver's	1	1	1	—	—	—	1	1	2	—	1987	2019
1	Moe's American Grill	—	—	2	—	—	—	—	2	2	(1)	1953	2019
1	Orscheln Farm and Home	2	1	1	—	—	—	1	1	2	—	1977	2019
1	Red Robin Gourmet Burgers	—	1	1	—	—	—	1	1	2	—	1995	2019
1	Schumacher Homes	1	1	1	—	—	—	1	1	2	—	2014	2019
1	Bru Burger Bar	1	—	1	—	—	—	—	1	1	—	1996	2019
1	Buchheit	1	—	1	—	—	—	—	1	1	—	1986	2019
1	Captain Ds	1	—	1	—	—	—	—	1	1	—	1995	2019
1	Chicken Salad Chick	1	—	1	—	—	—	—	1	1	—	1976	2019
1	Clean Express Auto Wash	—	—	1	—	—	—	—	1	1	(1)	1991	2019
1	Discount Tire	—	1	4	—	—	(4)	1	—	1	—	2009	2019
1	Dunkin Donuts	—	—	—	—	—	—	—	—	—	—	1977	2019
1	El Forastero	1	—	1	—	—	—	—	1	1	—	1985	2019
1	Howlin Concrete	1	1	—	—	—	—	1	—	1	—	1922	2019
1	KFC	1	—	1	—	—	—	—	1	1	—	2002	2019
1	Little Caesars	—	—	1	—	—	—	—	1	1	—	1996	2019
1	NAPA Auto Parts	1	—	1	—	—	—	—	1	1	—	2001	2019
1	O'Reilly Auto Parts	1	—	1	—	—	—	—	1	1	—	2006	2019
1	Old Mexico Cantina	1	—	1	—	—	—	—	1	1	—	2007	2019
1	Robata	—	—	1	—	—	—	—	1	1	—	1980	2019
1	SRS Distribution	1	—	1	—	—	—	—	1	1	—	1975	2019
1	The Atlanta Center for Foot & Ankle Surgery	2	—	1	—	—	—	—	1	1	—	1963	2019
1	Touchstone Imaging	1	—	1	—	—	—	—	1	1	—	1992	2019
1	Wings, Etc	1	—	1	—	—	—	—	1	1	—	2014	2019
1	Bigham Cable	—	—	—	—	—	—	—	—	—	—	1989	2019
1	Consolidated Pipe	—	—	—	—	—	—	—	—	—	—	1987	2019
1	Del Taco	1	—	—	—	—	—	—	—	—	—	N/A	2019
1	Family Dollar Stores	—	—	—	—	—	—	—	—	—	—	1988	2019

				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount at which Carried at Close of Period
Property Count	Brand	Encumbrances (1)		Land		Building & Improvements		Improvements		Impairment		Cost Basis Adjustment(2)		Land		Building & Improvements		Total(3)		Accumulated Depreciation(4)		Date of Construction	Date Acquired
1	Giliberto's Mexican Taco Shop	1		—		—		—		—		—		—		—		—		—		N/A	2019
1	Off the Hook Seafood & More	—		—		—		—		—		—		—		—		—		—		2007	2019
1	Scooters Coffee	1		—		—		—		—		—		—		—		—		—		1972	2019
1	Sharks Fish & Chicken	—		—		—		—		—		—		—		—		—		—		1985	2019
931	Total Held and Used	$	607	$	1,933	$	5,806	$	2,622	$	(133)	$	(955)	$	1,930	$	7,343	$	9,273	$	(3,029)
	Assets Held for Sale
2	Sonesta Simply Suites® (5)	$	—	$	2	$	13	$	—	$	—	$	—	$	2	$	13	$	15	$	(7)	1997 through 2021	1997 through 2003
1	Sonesta ES Suites® (5)	—		1		7		—		—		—		1		7		8		(4)		1985 through 2009	1996 through 2018
5	Sonesta Select® (5)	—		6		56		—		—		—		6		56		62		(36)		1987 through 2000	1995 through 2001
9	Vacant	—		3		14		—		(9)		(2)		1		5		6		(2)		1977 through 2005	2007 through 2019
948	Total Including Held for Sale	$	607	$	1,945	$	5,896	$	2,622	$	(142)	$	(957)	$	1,940	$	7,424	$	9,364	$	(3,078)

(1)Represents the principal balance of our net lease mortgage debt, excluding unamortized discounts and debt issuance costs.

(2)Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP.

(3)Excludes $341 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment.

(4)We depreciate buildings and improvements over periods ranging between ten to 40 years.

(5)69 properties, including 66 hotels and three net lease properties secure our credit agreement, which has $150.0 million outstanding as of December 31, 2024.

(6)67 TravelCenters of America and three Petro Stopping Centers properties secure our $1.0 billion senior secured notes due 2031, excluding unamortized discounts and debt issuance costs.

The change in total cost of properties for the period from January 1, 2022 to December 31, 2024 is as follows:

	2024		2023		2022
Balance at beginning of year	$	9,415,896	$	9,174,451	$	9,790,010
Additions: acquisitions and capital expenditures	278,797		363,601		106,588
Dispositions	(336,703)		(110,535)		(624,057)
Reclassification of properties held for sale	(85,367)		(11,621)		(98,090)
Balance at close of year	$	9,272,623	$	9,415,896	$	9,174,451

(B)The change in accumulated depreciation for the period from January 1, 2022 to December 31, 2024 is as follows:

	2024		2023		2022
Balance at beginning of year	$	2,950,685	$	2,749,862	$	3,069,348
Additions: depreciation expense	211,106		207,641		309,606
Dispositions	(87,208)		(4,747)		(618,132)
Reclassification of properties held for sale	(45,539)		(2,071)		(10,960)
Balance at close of year	$	3,029,044	$	2,950,685	$	2,749,862

(C)The aggregate cost tax basis for federal income tax purposes of our real estate properties was $6,520,266 on December 31, 2024.