As of September 30, 2026, we owned 740 service-focused retail net lease properties with an aggregate of 13,542,332 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 87 hotels with an aggregate of 19,897 rooms or suites. Our properties had an aggregate undepreciated book value of $7,686,326, including $153,701 related to properties classified as held for sale as of September 30, 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.

We funded capital improvements to certain of our properties of $80,270 and $131,664 during the nine months ended September 30, 2026 and 2025, respectively.

During the nine months ended September 30, 2026, we acquired five net lease properties with a total of 19,615 square feet for a combined purchase price of $15,105, excluding closing costs. We accounted for these transactions as acquisitions of assets and allocated the purchase prices 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
Q2 2026	Net Lease	1	3,200	1,823		307		1,300		216
Q3 2026	Net Lease	1	7,627	5,984		1,556		3,710		718

		5	19,615	$	15,292	$	3,809	$	9,651	$	1,832

From October 1, 2026 through November 2, 2026, we acquired a portfolio of four net lease properties with a total of 41,020 square feet for a combined purchase price of $8,314, excluding closing costs.

During the nine months ended September 30, 2026, we sold 32 properties for a combined sales price of $88,159, 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

Q2 2026	Net Lease	17	111,345	12,190		(383)
Q3 2026	Hotel	6	1,213	66,100		(353)
Q3 2026	Net Lease	6	18,804	1,484		(750)
		32	1,346 / 134,861	$	88,159	$	(131)

As of September 30, 2026, we had nine hotels with a total of 1,809 keys and six net lease properties with a total of 19,022 square feet classified as held for sale. See Note 14 for further information on certain of these properties. During the nine months ended September 30, 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 classes of assets and liabilities of our properties held for sale by our net lease investments and hotel investments segments as of September 30, 2026:


	As of September 30, 2026
	Net Lease		Hotels		Total
Assets of properties held for sale:
Real estate properties, net	$	2,451	$	56,073	$	58,524

Other assets, net (1)	342		6,166		6,508
Total assets of properties held for sale	$	2,793	$	62,239	$	65,032

Liabilities of properties held for sale:

Accounts payable and other liabilities	$	679	$	2,981	$	3,660
Total liabilities of properties held for sale	$	679	$	2,981	$	3,660