v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information The tables below present information about our segments.
Three Months Ended June 30,
20262025
Net LeaseHotelsTotalNet LeaseHotelsTotal
Revenues:
Hotel operating revenues$— $320,071 $320,071 $— $404,405 $404,405 
Rental income100,903 — 100,903 99,031 — 99,031 
Total revenues100,903 320,071 420,974 99,031 404,405 503,436 
Less (plus):
Room expenses— 76,054 76,054 — 104,077 104,077 
Food and beverage expenses— 44,338 44,338 — 44,447 44,447 
Management fees2,748 11,051 13,799 2,110 15,113 17,223 
Real estate taxes and insurance1,116 22,672 23,788 671 29,174 29,845 
Other operating expenses (1)
2,182 110,539 112,721 2,658 136,102 138,760 
Depreciation and amortization33,365 43,718 77,083 36,576 38,454 75,030 
Interest expense
24,558 — 24,558 12,547 — 12,547 
Other segment items (2)
773 191,059 191,832 3,812 15,273 19,085 
Segment profit (loss)36,161 (179,360)(143,199)40,657 21,765 62,422 
Reconciliation of segment profit or loss:
General and administrative
(11,093)(10,218)
Transaction related costs
1,947 — 
Interest income
1,107 752 
Interest expense(63,097)(90,132)
Loss on early extinguishment of debt, net(9,383)— 
Income tax benefit (expense)132 (457)
Equity in losses of an investee(252)(526)
Net loss
$(223,838)$(38,159)
Six Months Ended June 30,
20262025
Net LeaseHotelsTotalNet LeaseHotelsTotal
Revenues:
Hotel operating revenues $— $584,646 $584,646 $— $739,368 $739,368 
Rental income200,779 — 200,779 199,247 — 199,247 
Total revenues 200,779 584,646 785,425 199,247 739,368 938,615 
Less (plus):
Room expenses— 143,166 143,166 — 197,986 197,986 
Food and beverage expenses— 84,643 84,643 — 84,766 84,766 
Management fees5,519 20,180 25,699 4,197 27,598 31,795 
Real estate taxes and insurance3,221 46,352 49,573 1,459 58,787 60,246 
Other operating expenses (1)
4,746 212,957 217,703 5,411 265,616 271,027 
Depreciation and amortization66,302 86,624 152,926 71,933 92,197 164,130 
Interest expense
40,350 — 40,350 24,673 — 24,673 
Other segment items (2)
9,761 211,255 221,016 3,322 51,971 55,293 
Segment profit (loss)70,880 (220,531)(149,651)88,252 (39,553)48,699 
Reconciliation of segment profit or loss:
General and administrative
(19,889)(19,774)
Transaction related costs
1,941 (29)
Interest income
1,991 1,806 
Interest expense(143,852)(179,523)
Loss on early extinguishment of debt, net(61,254)— 
Income tax expense(1,049)(1,300)
Equity in losses of an investee(3,253)(4,473)
Net loss
$(375,016)$(154,594)
(1)    Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 10, incurred in connection with the operation of our properties.
(2)    Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable.
As of June 30, 2026
As of December 31, 2025
Assets:
Net Lease$2,830,520 $2,902,699 
Hotels2,873,205 3,107,967 
Corporate134,760 480,914 
Total assets$5,838,485 $6,491,580 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Capital expenditures:
Net Lease$1,280 $234 $1,860 $982 
Hotels28,624 38,841 48,974 83,962 
Total capital expenditures$29,904 $39,075 $50,834 $84,944