v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate properties:    
Land $ 1,722,642 $ 1,750,799
Buildings, improvements and equipment 5,809,983 6,198,233
Total real estate properties, gross 7,532,625 7,949,032
Accumulated depreciation (2,458,451) (2,442,966)
Total real estate properties, net 5,074,174 5,506,066
Equity method investment 108,875 111,796
Acquired real estate leases and other intangibles, net 89,215 100,044
Assets of properties held for sale 65,032 94,366
Cash and cash equivalents 40,118 346,813
Restricted cash 22,374 [1] 25,275
Due from related persons 12,191 241
Other assets, net 308,477 306,979
Total assets 5,720,456 6,491,580
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Secured debt, net 2,821,494 2,100,745
Unsecured debt, net 1,703,944 3,233,683
Liabilities of properties held for sale 3,660 5,329
Total liabilities 5,007,707 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; 129,821,455 and 33,614,025 shares issued and outstanding, respectively 1,298 336
Additional paid in capital 5,107,874 4,564,716
Cumulative other comprehensive income 2,156 2,068
Cumulative net income 1,529,697 1,992,653
Cumulative common distributions (5,928,276) (5,913,649)
Total shareholders’ equity 712,749 646,124
Total liabilities and shareholders’ equity 5,720,456 6,491,580
Nonrelated Party    
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Accounts payable and other liabilities and due to related persons 468,868 458,908
Related Party    
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Accounts payable and other liabilities and due to related persons $ 9,741 $ 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.