v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate properties:    
Land $ 1,747,312 $ 1,750,799
Buildings, improvements and equipment 6,184,443 6,198,233
Total real estate properties, gross 7,931,755 7,949,032
Accumulated depreciation (2,488,252) (2,442,966)
Total real estate properties, net 5,443,503 5,506,066
Acquired real estate leases and other intangibles, net 96,914 100,044
Assets of properties held for sale 75,482 94,366
Cash and cash equivalents 19,294 346,813
Restricted cash 20,064 [1] 25,275
Equity method investment 108,809 111,796
Due from related persons 7,184 241
Other assets, net 310,375 306,979
Total assets 6,081,625 6,491,580
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Unsecured debt, net 2,249,224 3,233,683
Secured debt, net 2,837,545 2,100,745
Liabilities of properties held for sale 2,804 5,329
Total liabilities 5,587,889 5,845,456
Commitments and contingencies
Shareholders’ equity:    
Common shares of beneficial interest, $.01 par value; 900,000,000 and 200,000,000 shares authorized, respectively; 168,054,570 and 168,070,129 shares issued and outstanding, respectively 1,681 1,681
Additional paid in capital 4,563,828 4,563,371
Cumulative other comprehensive income 2,082 2,068
Cumulative net income 1,841,475 1,992,653
Cumulative common distributions (5,915,330) (5,913,649)
Total shareholders’ equity 493,736 646,124
Total liabilities and shareholders’ equity 6,081,625 6,491,580
Nonrelated Party    
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Accounts payable and other liabilities and due to related persons 483,039 458,908
Related Party    
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Accounts payable and other liabilities and due to related persons $ 15,277 $ 46,791
[1] Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed as required by certain of our debt agreements.