v3.26.1
Indebtedness - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 27, 2025
Apr. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Jun. 30, 2026
USD ($)
property
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
property
extensionOption
Jun. 30, 2025
USD ($)
Aug. 03, 2026
USD ($)
Mar. 06, 2026
USD ($)
Feb. 10, 2023
USD ($)
Indebtedness                    
Loss on early extinguishment of debt, net       $ 9,383 $ 0 $ 61,254 $ 0      
Net Lease                    
Indebtedness                    
Annual minimum returns           396,569        
Revolving Credit Facility                    
Indebtedness                    
Borrowings outstanding under revolving credit facility       25,000   25,000        
Secured revolving credit facility       $ 650,000   $ 650,000        
Number of extension options | extensionOption           2        
Extension term (in months)           6 months        
Leverage ratio limit (as percent)       2.75%   2.75%        
Interest rate (as percent)       6.43% 6.89% 6.43% 6.89%      
Weighted average interest rate (as percent)       6.45% 6.91% 6.45% 6.93%      
Available for borrowing       $ 625,000   $ 625,000        
Debt instrument, collateral properties | property       55   55        
Undepreciated carrying value       $ 879,676   $ 879,676        
Revolving Credit Facility | Subsequent Event                    
Indebtedness                    
Borrowings outstanding under revolving credit facility               $ 0    
Secured revolving credit facility               650,000    
Revolving Credit Facility | Hotel                    
Indebtedness                    
Debt instrument, collateral properties | property       17   17        
Revolving Credit Facility | Net Lease                    
Indebtedness                    
Debt instrument, collateral properties | property       38   38        
Revolving Credit Facility | Minimum                    
Indebtedness                    
Debt instrument, basis spread on variable rate (as percent)           1.50%        
Facility fee           0.20%        
Revolving Credit Facility | Maximum                    
Indebtedness                    
Debt instrument, basis spread on variable rate (as percent)           3.00%        
Facility fee           0.30%        
Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 1,348,166   $ 1,348,166       $ 610,200
Debt instrument, collateral properties | property       471   471        
Interest rate, stated percentage (as percent)       5.80%   5.80%        
Aggregate undepreciated carrying value           $ 1,508,727        
Annual minimum returns           $ 152,996        
Mortgages | Disposal Group, Disposed of By Sale, Not Discontinued Operations | Real Estate Dispositions                    
Indebtedness                    
Debt instrument, collateral properties | property       1   1        
Mortgages | Service Properties Trust                    
Indebtedness                    
Debt instrument, collateral properties | property       158   158        
Variable Funding Notes                    
Indebtedness                    
Secured revolving credit facility       $ 45,000   $ 45,000        
Debt instrument, basis spread on variable rate (as percent) 1.75%                  
Interest rate (as percent)       5.48% 6.04% 5.48% 6.04%      
Weighted average interest rate (as percent)       5.42% 6.05% 5.42% 6.05%      
Extension term (in years) 1 year                  
Unused commitment fee 0.50%                  
Variable Funding Notes | Subsequent Event                    
Indebtedness                    
Secured revolving credit facility               $ 45,000    
Senior Unsecured Notes | Senior Notes                    
Indebtedness                    
Aggregate outstanding principal amount       $ 1,725,000   $ 1,725,000        
Senior Secured Notes | Senior Notes                    
Indebtedness                    
Aggregate outstanding principal amount       $ 1,580,155   $ 1,580,155        
Senior Unsecured Notes, due 2027 at 4.95%                    
Indebtedness                    
Interest rate, stated percentage (as percent)       4.95%   4.95%        
Senior Unsecured Notes, due 2027 at 4.95% | Senior Notes                    
Indebtedness                    
Repurchase amount       $ 400,000   $ 400,000        
Interest rate, stated percentage (as percent)       4.95%   4.95%        
Loss on early extinguishment of debt, net           $ 2,539        
Redemption premium           $ 1,785        
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%                    
Indebtedness                    
Interest rate, stated percentage (as percent)       8.375%   8.375%        
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | Senior Notes                    
Indebtedness                    
Repurchase amount     $ 700,000              
Interest rate, stated percentage (as percent)     8.375%              
Loss on early extinguishment of debt, net     $ 49,697              
Redemption premium     $ 37,128              
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%                    
Indebtedness                    
Interest rate, stated percentage (as percent)       5.50%   5.50%        
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | Senior Notes                    
Indebtedness                    
Repurchase amount   $ 450,000                
Interest rate, stated percentage (as percent)   5.50%                
Loss on early extinguishment of debt, net   $ 9,018                
Redemption premium   $ 7,191                
2023-1 Total                    
Indebtedness                    
Interest rate, stated percentage (as percent)       5.60%   5.60%        
2023-1 Total | Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 603,675   $ 603,675        
Interest rate, stated percentage (as percent)       5.60%   5.60%        
Redemption period (in months)           24 months        
Coupon Rate 5.15% | Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 299,917   $ 299,917        
Interest rate, stated percentage (as percent)       5.15%   5.15%        
Debt instrument, monthly redemption price (as percent)       0.50%   0.50%        
Coupon Rate 5.55% | Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 171,558   $ 171,558        
Interest rate, stated percentage (as percent)       5.55%   5.55%        
Debt instrument, monthly redemption price (as percent)       0.25%   0.25%        
2026-1 Total                    
Indebtedness                    
Interest rate, stated percentage (as percent)       5.96%   5.96%        
2026-1 Total | Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 744,491   $ 744,491     $ 745,000  
Interest rate, stated percentage (as percent)       5.96%   5.96%        
Aggregate undepreciated carrying value           $ 759,147        
Annual minimum returns           $ 85,277        
Redemption period (in months)           24 months        
Coupon Rate 5.16% | Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 219,725   $ 219,725        
Interest rate, stated percentage (as percent)       5.16%   5.16%        
Debt instrument, monthly redemption price (as percent)       0.50%   0.50%        
Coupon Rate 5.80% | Mortgages                    
Indebtedness                    
Aggregate outstanding principal amount of net lease mortgage notes       $ 374,766   $ 374,766        
Interest rate, stated percentage (as percent)       5.80%   5.80%        
Debt instrument, monthly redemption price (as percent)       0.25%   0.25%