Investments (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Real Estate [Abstract] |
|
| Schedule of Investments in Real Estate, Net |
Investments in real estate, net consisted of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Building and building improvements |
|
$ |
16,614,464 |
|
|
$ |
17,612,162 |
|
Land and land improvements |
|
|
2,965,720 |
|
|
|
3,144,932 |
|
Furniture, fixtures and equipment |
|
|
272,521 |
|
|
|
304,650 |
|
Right-of-use asset - operating lease(1) |
|
|
105,230 |
|
|
|
105,230 |
|
Total |
|
|
19,957,935 |
|
|
|
21,166,974 |
|
Accumulated depreciation and amortization |
|
|
(2,127,681 |
) |
|
|
(1,586,616 |
) |
Investments in real estate, net |
|
$ |
17,830,254 |
|
|
$ |
19,580,358 |
|
(1)Refer to Note 14 for additional details on the Company’s leases.
|
| Schedule of Assets and Liabilities Investments in Real Estate Classified as Held-for-Sale |
The following table details the assets and liabilities of the Company’s investments in real estate classified as held-for-sale ($ in thousands):
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|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Assets: |
|
|
|
|
|
|
Investments in real estate, net |
|
$ |
679,121 |
|
|
$ |
— |
|
Other assets |
|
|
6,553 |
|
|
|
— |
|
Total assets |
|
$ |
685,674 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Mortgage notes, net |
|
$ |
12,602 |
|
|
$ |
— |
|
Other liabilities |
|
|
5,655 |
|
|
|
— |
|
Total liabilities |
|
$ |
18,257 |
|
|
$ |
— |
|
|
| Schedule of Equity Investment in Unconsolidated Real Estate Ventures |
The following table details the Company’s equity investments in unconsolidated real estate ventures ($ in thousands):
|
|
|
|
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|
|
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|
Investments in Unconsolidated
Real Estate Ventures |
|
Segment |
|
Date
Acquired |
|
Number of Properties |
|
Ownership Interest |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Extended Stay Portfolio |
|
Other |
|
July 2022 |
|
196 |
|
45% |
|
$ |
411,309 |
|
|
$ |
446,424 |
|
Fort Lauderdale Hotel |
|
Other |
|
March 2019 |
|
1 |
|
43% |
|
|
9,552 |
|
|
|
9,578 |
|
Total investments in unconsolidated real estate ventures |
|
|
|
|
|
$ |
420,861 |
|
|
$ |
456,002 |
|
|
| Schedule of Income (Loss) from Unconsolidated Real Estate Ventures |
The following table details the Company’s (loss) income from equity investments in unconsolidated real estate ventures ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Year Ended December 31, |
|
Investments in Unconsolidated Real Estate Ventures |
|
Segment |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Extended Stay Portfolio |
|
Other |
|
$ |
(13,790 |
) |
|
$ |
(11,266 |
) |
|
$ |
11,915 |
|
Fort Lauderdale Hotel |
|
Other |
|
|
355 |
|
|
|
(358 |
) |
|
|
274 |
|
Total (loss) income from unconsolidated real estate ventures |
$ |
(13,435 |
) |
|
$ |
(11,624 |
) |
|
$ |
12,189 |
|
|