As of March 31, 2026, we owned 761 service-focused retail net lease properties with an aggregate of 13,605,978 square feet that are primarily subject to “triple net” leases, or net leases where the tenant is generally responsible for payment of operating expenses and capital expenditures of the property during the lease term and 93 hotels with an aggregate of 21,110 rooms or suites. Our properties had an aggregate undepreciated book value of $8,058,562, including $126,807 related to properties classified as held for sale as of March 31, 2026 and an aggregate undepreciated book value of $8,102,783, including $153,751 related to properties classified as held for sale as of December 31, 2025.

During the three months ended March 31, 2026, we acquired three net lease properties with a total of 8,788 square feet for a combined purchase price of $7,398, excluding closing costs. We accounted for these transactions as acquisitions of assets and allocated the purchase price based on the estimated fair value of the acquired assets as follows:


Quarter Acquired	Property Type	Number of Properties	Square Feet	Purchase Price (1)		Land		Buildings, Improvements and Equipment		Acquired Real Estate Leases
Q1 2026	Net Lease	3	8,788	$	7,485	$	1,946	$	4,641	$	898

During the three months ended March 31, 2026, we sold three properties for a combined sales price of $8,385, excluding closing costs. The sales of these properties, as presented in the table below, do not represent a strategic shift in our business. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our condensed consolidated statements of comprehensive income (loss).


Quarter Sold	Property Type	Number of Properties	Square Feet / Rooms or Suites	Gross Sales Price (1)		Gain (Loss) on Sale of Real Estate, net
Q1 2026	Hotel	1	133	$	7,100	$	1,154
Q1 2026	Net Lease	2	4,712	1,285		201
		3	133 / 4,712	$	8,385	$	1,355

As of March 31, 2026, we had eight hotels with a total of 1,012 keys and 22 net lease properties with a total of 123,771 square feet classified as held for sale. See Note 14 for further information on certain of these properties. During the three months ended March 31, 2026, one hotel previously classified as held for sale was reclassified to held and used as we are no longer marketing it for sale. Upon reclassification, depreciation was resumed, and the hotel was measured at the lower of its carrying amount adjusted for depreciation that would have been recognized during the held for sale period or its fair value. No impairment was recorded and the amount subject to the reclassification was not material to our condensed consolidated financial statements. The following table summarizes the major class of assets and liabilities of our properties held for sale by our net lease investments and hotel investments segments as of March 31, 2026:


	As of March 31, 2026
	Net Lease		Hotels		Total
Assets of properties held for sale:
Real estate properties, net	$	13,199	$	57,944	$	71,143

Other assets, net (1)	64		4,275		4,339
Total assets of properties held for sale	$	13,263	$	62,219	$	75,482

Liabilities of properties held for sale:

Accounts payable and other liabilities	$	34	$	2,770	$	2,804
Total liabilities of properties held for sale	$	34	$	2,770	$	2,804

From April 1, 2026 through May 4, 2026, we sold 11 net lease properties with a total of 88,084 square feet for a combined sales price of $9,160, excluding closing costs. We have also entered into agreements to sell seven net lease properties with a total of 30,161 square feet for a combined sales price of $3,415, excluding closing costs. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We believe it is probable that the sales of these properties will be completed within one year.