SERVICE PROPERTIES TRUST, 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-11527  
Entity Registrant Name SERVICE PROPERTIES TRUST  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 04-3262075  
Entity Address, Address Line One Two Newton Place  
Entity Address, Address Line Two 255 Washington Street  
Entity Address, Address Line Three Suite 300  
Entity Address, City or Town Newton  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02458-1634  
City Area Code 617  
Local Phone Number 964-8389  
Title of Each Class Common Shares of Beneficial Interest  
Trading Symbol SVC  
Name of each Exchange on which Registered NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   647,206,961
Entity Central Index Key 0000945394  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
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.
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Shareholders’ equity:    
Common shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 900,000,000 200,000,000
Common shares, shares issued (in shares) 168,054,570 168,070,129
Common shares, shares outstanding (in shares) 168,054,570 168,070,129
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Hotel operating revenues $ 264,575 $ 334,963
Rental income 99,876 100,216
Total revenues 364,451 435,179
Expenses:    
Hotel operating expenses 242,644 305,840
Net lease operating expenses 7,440 5,628
Depreciation and amortization 75,843 89,100
General and administrative 8,796 9,556
Transaction related costs 2,509 111
Loss on asset impairment 28,095 37,067
Total expenses 365,327 447,302
Gain on sale of real estate, net 1,355 746
Interest income 943 1,249
Interest expense (including amortization of debt issuance costs, discounts and premiums of $18,849 and $8,680, respectively) (96,547) (101,517)
Loss on early extinguishment of debt, net (51,871) 0
Loss before income tax expense and equity in losses of an investee (146,996) (111,645)
Income tax expense (1,181) (843)
Equity in losses of an investee (3,001) (3,947)
Segment profit (loss) (151,178) (116,435)
Other comprehensive income:    
Equity interest in investee’s unrealized gains 14 153
Other comprehensive income 14 153
Comprehensive loss $ (151,164) $ (116,282)
Weighted average common shares outstanding (basic) (in shares) 166,395 165,615
Weighted average common shares outstanding (diluted) (in shares) 166,395 165,615
Net loss per common share (basic) (in dollars per share) $ (0.91) $ (0.70)
Net loss per common share (diluted) (in dollars per share) $ (0.91) $ (0.70)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue from contract with customer, product and service, extensible enumeration Hotel Hotel
Cost, product and service, extensible enumeration Hotel Hotel
Interest expense, amortization of debt issuance costs and debt discounts and premiums $ 18,849 $ 8,680
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Cumulative Common Distributions
Additional Paid in Capital
Cumulative Net Income
Cumulative Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024   166,636,537        
Beginning balance at Dec. 31, 2024 $ 851,873 $ 1,666 $ (5,906,966) $ 4,560,334 $ 2,194,974 $ 1,865
Increase (Decrease) in Shareholders' Equity            
Net loss (116,435)       (116,435)  
Equity interest in investee’s unrealized gains 153         153
Common share grants (in shares)   32,490        
Common share grants 664     664    
Common share repurchases (in shares)   (1,539)        
Common share repurchases (4)     (4)    
Common share forfeitures (in shares)   (20,767)        
Common share forfeitures (12)     (12)    
Distributions (1,666)   (1,666)      
Ending balance (in shares) at Mar. 31, 2025   166,646,721        
Ending balance at Mar. 31, 2025 734,573 $ 1,666 (5,908,632) 4,560,982 2,078,539 2,018
Beginning balance (in shares) at Dec. 31, 2025   168,070,129        
Beginning balance at Dec. 31, 2025 646,124 $ 1,681 (5,913,649) 4,563,371 1,992,653 2,068
Increase (Decrease) in Shareholders' Equity            
Net loss (151,178)       (151,178)  
Equity interest in investee’s unrealized gains 14         14
Common share grants $ 488     488    
Common share repurchases (in shares) (15,559) (15,559)        
Common share repurchases $ (31)     (31)    
Distributions (1,681)   (1,681)      
Ending balance (in shares) at Mar. 31, 2026   168,054,570        
Ending balance at Mar. 31, 2026 $ 493,736 $ 1,681 $ (5,915,330) $ 4,563,828 $ 1,841,475 $ 2,082
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (151,178) $ (116,435)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 75,843 89,100
Net amortization of debt issuance costs, discounts and premiums as interest 18,849 8,680
Straight line rental income (1,431) (3,878)
Loss on early extinguishment of debt, net 51,871 0
Loss on asset impairment 28,095 37,067
Equity in losses of an investee 3,001 3,947
Gain on sale of real estate, net (1,355) (746)
Other non-cash income, net (925) (718)
Changes in assets and liabilities:    
Due from related persons (6,943) (15,997)
Other assets 227 145
Accounts payable and other liabilities 22,641 35,820
Due to related persons (3,117) 1,215
Net cash provided by operating activities 35,578 38,200
Cash flows from investing activities:    
Real estate improvements (49,893) (61,426)
Hotel managers’ purchases with restricted cash (1,639) (1,124)
Real estate acquisitions and deposits (7,574) (723)
Net proceeds from sale of real estate 8,634 21,081
Net cash used in investing activities (50,472) (42,192)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of discounts 744,980 0
Repayment of mortgage notes payable (490) (489)
Repayments of senior unsecured notes (1,038,697) 0
Borrowings under variable funding note 0 45,000
Repayments of revolving credit facility 0 (100,000)
Payment of debt issuance costs (21,917) (2,141)
Repurchase of common shares (31) (4)
Distributions to common shareholders (1,681) (1,666)
Net cash used in financing activities (317,836) (59,300)
Decrease in cash and cash equivalents and restricted cash (332,730) (63,292)
Cash and cash equivalents and restricted cash at beginning of period 372,088 157,386
Cash and cash equivalents and restricted cash at end of period $ 39,358 $ 94,094
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Supplemental cash flow information:    
Cash paid for interest $ 51,049 $ 46,795
Cash refunded for income taxes (198) (183)
Non-cash investing activities:    
Real estate improvements accrued, not paid 17,495 24,329
Supplemental disclosure of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 19,294 80,147
Restricted cash [1] 20,064 13,947
Total cash and cash equivalents and restricted cash $ 39,358 $ 94,094
[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.
v3.26.1
Organization and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation
Note 1. Organization and Basis of Presentation
Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State of Maryland, which invests in service-focused retail net lease properties and hotels. At March 31, 2026, we owned, directly and through our subsidiaries, 761 service-focused retail net lease properties and 93 hotels.
Basis of Presentation
The accompanying condensed consolidated financial statements are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our 2025 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our tenants and managers are not necessarily indicative of the results that may be expected for the full year.
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles.
We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification™. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs were $126,671 and $122,004 as of March 31, 2026 and December 31, 2025, respectively, and consist primarily of our TRSs’ investment in Sonesta International Hotels Corporation’s, or, collectively with its parent and subsidiaries, Sonesta’s, common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $64,314 and $57,846 as of March 31, 2026 and December 31, 2025, respectively, and consist primarily of amounts payable to certain of our hotel managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements
Note 2. Recent Accounting Pronouncements
In November 2024, the FASB issued Accounting Standards Update, or ASU, No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU No. 2024-03, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU No. 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact ASU No. 2024-03 will have on our condensed consolidated financial statements.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 3. Revenue Recognition
We recognize in our condensed consolidated statements of comprehensive income (loss), hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided.
We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements in our condensed consolidated statements of comprehensive income (loss). We increased rental income by $1,431 and $3,878 for the three months ended March 31, 2026 and 2025, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Other assets, net, includes $101,710 and $98,729 of straight line rent receivables at March 31, 2026 and December 31, 2025, respectively.
Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $940 and $846 for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Per Common Share Amounts
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Per Common Share Amounts
Note 4. Per Common Share Amounts
We calculate basic earnings per common share using the two class method. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested common share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per common share. For the three months ended March 31, 2026 and 2025, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per common share because to do so would have been antidilutive.
v3.26.1
Real Estate Properties
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Real Estate Properties
Note 5. Real Estate Properties
As of March 31, 2026, we owned 761 service-focused retail net lease properties with an aggregate of 13,605,978 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 93 hotels with an aggregate of 21,110 rooms or suites. Our properties had an aggregate undepreciated book value of $8,058,562, including $126,807 related to properties classified as held for sale as of March 31, 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 $20,930 and $45,869 during the three months ended March 31, 2026 and 2025, respectively.
Acquisitions
During the three months ended March 31, 2026, we acquired three net lease properties with a total of 8,788 square feet for a combined purchase price of $7,398, excluding closing costs. We accounted for these transactions as acquisitions of assets and allocated the purchase price based on the estimated fair value of the acquired assets as follows:
Quarter AcquiredProperty TypeNumber of PropertiesSquare Feet
Purchase Price (1)
LandBuildings, Improvements and EquipmentAcquired Real Estate Leases
Q1 2026Net Lease38,788 $7,485 $1,946 $4,641 $898 
(1)Purchase price is the gross contract price, plus closing costs of $87.
From April 1, 2026 through May 4, 2026, we acquired one net lease property with a total of 3,200 square feet for a purchase price of $1,776, excluding closing costs.
Dispositions
During the three months ended March 31, 2026, we sold three properties for a combined sales price of $8,385, 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 SoldProperty TypeNumber of PropertiesSquare Feet / Rooms or Suites
Gross Sales Price (1)
Gain (Loss) on Sale of Real Estate, net
Q1 2026Hotel1133 $7,100 $1,154 
Q1 2026Net Lease24,712 1,285 201 
3
133 / 4,712
$8,385 $1,355 
(1)Gross sales price is the gross contract price, excluding closing costs.
As of March 31, 2026, we had eight hotels with a total of 1,012 keys and 22 net lease properties with a total of 123,771 square feet classified as held for sale. See Note 14 for further information on certain of these properties. During the three months ended March 31, 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 class of assets and liabilities of our properties held for sale by our net lease investments and hotel investments segments as of March 31, 2026:
As of March 31, 2026
Net LeaseHotelsTotal
Assets of properties held for sale:  
Real estate properties, net$13,199 $57,944 $71,143 
Other assets, net (1)
64 4,275 4,339 
Total assets of properties held for sale$13,263 $62,219 $75,482 
Liabilities of properties held for sale:
Accounts payable and other liabilities$34 $2,770 $2,804 
Total liabilities of properties held for sale$34 $2,770 $2,804 
(1) Other assets, net includes working capital of $1,151 for our hotel investments segment as described in Note 6.
From April 1, 2026 through May 4, 2026, we sold 11 net lease properties with a total of 88,084 square feet for a combined sales price of $9,160, excluding closing costs. We have also entered into agreements to sell seven net lease properties with a total of 30,161 square feet for a combined sales price of $3,415, excluding closing costs. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We believe it is probable that the sales of these properties will be completed within one year.
v3.26.1
Leases and Management Agreements
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases and Management Agreements Note 6. Leases and Management Agreements
As of March 31, 2026, we owned 761 service-focused retail properties net leased to 185 tenants, including 175 travel centers leased to TravelCenters of America Inc., or TA, our largest tenant, and 93 hotels included in four operating agreements managed by subsidiaries of the following companies: Sonesta (68 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (seven hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators. We do not operate any of our properties.
Net Lease Portfolio
As of March 31, 2026, we owned 761 service-focused retail net lease properties with an aggregate of 13,605,978 square feet with leases requiring annual minimum rents of $392,199 with a weighted (by annual minimum rents) average remaining lease term of 7.3 years. Our net lease properties were 96.6% occupied and leased by 185 tenants operating under 140 brands in 21 distinct industries.
TA Leases
As of March 31, 2026, TA is our largest tenant, representing 33.0% of our total historical real estate investments. We lease to TA a total of 175 travel centers under five master leases, or our TA leases, that expire in 2033 subject to TA’s right to extend those leases, and require annual minimum rents of $264,262 as of March 31, 2026. TA receives a monthly rent credit totaling $25,000 per year over the 10-year initial term of the TA leases as a result of rent it prepaid.
Our TA leases are “triple net” leases that require TA to pay all costs incurred in the operation of the leased travel centers, including personnel, utility, inventory, customer service and insurance expenses, real estate and personal property taxes, environmental related expenses, underground storage tank maintenance costs and ground lease payments at those travel centers at which we lease the property and sublease it to TA. Our TA leases generally require TA to indemnify us for certain environmental matters and for liabilities that arise during the terms of the leases from ownership or operation of the leased travel centers. TA is required to maintain the leased travel centers, including structural and non-structural components. BP Corporation North America Inc., a subsidiary of BP p.l.c., guarantees payment under each of the TA leases, limited to an aggregate cap which was $2,943,588 as of March 31, 2026.
We recognized rental income from our TA leases of $67,834 for each of the three months ended March 31, 2026 and 2025. Rental income increased by $1,743 and $3,039 for the three months ended March 31, 2026 and 2025, respectively, to record the scheduled rent changes on a straight line basis. As of March 31, 2026 and December 31, 2025, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $58,509 and $55,157, respectively, included in other assets, net in our condensed consolidated balance sheets.
Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We recognized rental income from our net lease properties (excluding TA) of $32,042 and $32,382 for the three months ended March 31, 2026 and 2025, respectively, which included $(312) and $839, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis.
We continually review receivables related to rent, straight line rent and property operating expense reimbursements and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The review includes an assessment of whether substantially all of the amounts due under a tenant’s lease are probable of collection. For leases that are deemed probable of collection, revenue continues to be recorded on a straight line basis over the lease term. For leases that are deemed not probable of collection, revenue is recorded as cash is received. We recognize all changes in the collectability assessment for an operating lease as an adjustment to rental income. We recorded reserves for uncollectable amounts and reduced rental income by $2,235 and $235 for the three months ended March 31, 2026 and 2025, respectively, based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $5,349 and $3,115 as of March 31, 2026 and December 31, 2025, respectively, included in other assets, net in our condensed consolidated balance sheets.
Hotel Agreements
Sonesta Agreements
As of March 31, 2026, Sonesta managed 39 of our full service hotels, 22 of our extended stay hotels and seven of our select service hotels pursuant to management agreements. As of March 31, 2026, the hotels Sonesta managed for us comprised approximately 41.8% of our total historical real estate investments.
We are at various stages of selling 15 hotels with 3,022 keys managed by Sonesta. Following the completion of the hotel sales, we expect to retain 53 hotels managed by Sonesta, or the Retained Hotels. As discussed below, in August 2025, we and Sonesta amended and restated our management agreements for the Retained Hotels and certain other hotels managed by Sonesta and waived any termination fees under the existing Sonesta management agreement associated with the sale of certain hotels.
Prior to August 1, 2025, all of the hotels managed by Sonesta were managed pursuant to a management agreement that was scheduled to expire on January 31, 2037, or the legacy Sonesta agreement, and provided that we would be paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), were sufficient to do so. The legacy Sonesta agreement further provided that we would be paid an additional return equal to 80% of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding reserves established for the regular refurbishment of our hotels, or FF&E reserves, and paying Sonesta’s incentive fee, if any.
Effective August 1, 2025, we entered into new management agreements with Sonesta for most of the Retained Hotels and certain other hotels managed by Sonesta, or the Retained Hotel agreements. Each Retained Hotel agreement expires on July 31, 2040 and includes two 10-year renewal options at Sonesta’s option. Pursuant to the Retained Hotel agreements, we will pay Sonesta, after payment of hotel operating expenses, a base management fee equal to 3.0% of gross revenues for full service hotels and 5.0% for extended stay and select service hotels. Additionally, we are required to pay (i) an incentive fee equal to 20% of EBITDA, as defined in the Retained Hotel agreements, in excess of the incentive threshold of each hotel, subject to caps, commencing with the 2026 calendar year, which has initially been set at $194,248 in the aggregate and increases based on the amount by which each hotel’s capital expenditures exceeds their respective FF&E reserve (the aggregate incentive threshold under our Retained Hotel agreements as of March 31, 2026 was $196,236); (ii) a brand promotion fee of 3.5% of gross room revenues; (iii) a loyalty fee of the greater of (x) 1.0% of gross room revenues or (y) 4.5% of qualified room revenue, in the case of full service hotels, 2.5%, in the case of extended stay hotels, and 3.0%, in the case of select service hotels; (iv) a centralized service fee equal to $1,100 per year for full service hotels and $250 per year for extended stay and select service hotels, adjusted annually based on the Consumer Price Index; and (v) a construction management fee of 3.0% of construction and capital expenditures managed by Sonesta. We have the right to terminate the Retained Hotel agreements for certain events of default, casualty and condemnation events, and if minimum performance thresholds are not met for two consecutive calendar years beginning with the measurement period commencing with the 2028 calendar year. The Retained Hotel agreements are not subject to any pooling, cross-default or other similar contractual arrangement and the legacy Sonesta agreement will remain subject to a pooling agreement and cross-default provisions until the remainder of the hotels subject to that agreement are sold. Our legacy Sonesta agreement and the Retained Hotel agreements are collectively referred to as our Sonesta agreements.
We realized returns under our Sonesta agreements of $10,867 and $18,169 during the three months ended March 31, 2026 and 2025, respectively.
We incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing programs or brand promotion fees, and third-party reservation transmission fees or centralized service fees of $13,206 and $26,276 for the three months ended March 31, 2026 and 2025, respectively. We accrued estimated incentive fees of $1,313 during the three months ended March 31, 2026 based on year-to-date results of certain Sonesta managed hotels in comparison to each hotel’s respective incentive threshold. The actual amount of incentive fees incurred for 2026, if any, will be based upon individual hotels’ cumulative annual results in comparison to their respective incentive thresholds and will be payable in 2027. These fees and costs are included in hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta pursuant to our legacy Sonesta agreement and construction management fees payable to Sonesta pursuant to our Sonesta agreements of $397 and $621 for the three months ended March 31, 2026 and 2025, respectively, which have been capitalized in our condensed consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets.
Our Sonesta agreements require us to fund capital expenditures made at our hotels. We incurred capital expenditures for hotels included in our Sonesta agreements in an aggregate amount of $18,697 and $41,561 during the three months ended March 31, 2026 and 2025, respectively. We owed Sonesta $10,587 and $39,509 for capital expenditures and other reimbursements at March 31, 2026 and December 31, 2025, respectively. Sonesta owed us $7,184 and $241 in returns under our Sonesta agreements and other amounts as of March 31, 2026 and December 31, 2025, respectively. Amounts due from Sonesta are included in due from related persons and amounts owed to Sonesta are included in due to related persons in our condensed consolidated balance sheets. Our legacy Sonesta agreement requires that 5% of the hotel gross revenues be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the owner’s priority returns due to us. No FF&E escrow deposits were required during the three months ended March 31, 2026 or 2025.
We are required to maintain minimum working capital for each of our hotels managed by Sonesta and have advanced a fixed amount based on the number of rooms in each hotel to meet the cash needs for hotel operations. As of March 31, 2026 and December 31, 2025, we had advanced $31,702 and $31,835, respectively, of initial working capital to Sonesta net of any working capital returned to us on termination of the applicable management agreements in connection with hotels we have sold. These amounts are included in other assets, net and assets of properties held for sale, as applicable, in our condensed consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreements.
See Notes 7 and 11 for further information regarding our relationships, agreements and transactions with Sonesta.
Hyatt Agreement
As of March 31, 2026, Hyatt managed 17 of our select service hotels pursuant to a portfolio management agreement that expires on March 31, 2031, or our Hyatt agreement, and provides that, as of March 31, 2026, we are to be paid an annual owner’s priority return of $17,400. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Hyatt has provided us with a $30,000 limited guarantee for 75% of the aggregate annual owner’s priority returns due to us. We realized returns under our Hyatt agreement of $3,262 and $3,127 during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, the hotels under this agreement generated cash flows that were less than the guaranteed owner’s priority level due to us for these periods, and we reduced hotel operating expenses by $1,444 and $1,367, respectively, to record the guaranteed amount of the shortfalls due from Hyatt. The available balance of the guaranty was $25,048 as of March 31, 2026. During the three months ended March 31, 2026 and 2025, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $55 and $1,619, respectively.
Radisson Agreement
As of March 31, 2026, Radisson managed seven of our full service hotels pursuant to a portfolio management agreement that expires on July 31, 2031, or our Radisson agreement, and provides that we are to be paid an annual owner’s priority return of $10,920. Radisson has provided us with a $22,000 limited guarantee for 75% of the aggregate annual owner’s priority returns due to us. We realized returns under our Radisson agreement of $2,047 and $1,403 during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, the hotels under this agreement generated cash flows that were less than the guaranteed owner’s priority level due to us for these periods, and we reduced hotel operating expenses by $382 and $2,045, respectively, to record the guaranteed amount of the shortfalls due from Radisson. The available balance of the guaranty was $16,203 as of March 31, 2026. During the three months ended March 31, 2026, we incurred capital expenditures of $138 for the hotels included in our Radisson agreement, which resulted in an increase in our contractual owner’s priority returns of $9. We did not incur any capital expenditures during the three months ended March 31, 2025 for the hotels included in our Radisson agreement.
IHG Agreement
Our management agreement with IHG, or our IHG agreement, for one hotel expires on January 31, 2027. We realized returns under our IHG agreement of $1,131 and $2,243 during the three months ended March 31, 2026 and 2025, respectively. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. During the three months ended March 31, 2026 and 2025, we incurred capital expenditures of $271 and $975, respectively, for the hotel included in our IHG agreement.
v3.26.1
Equity Method Investment
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment
Note 7. Equity Method Investment
As of both March 31, 2026 and December 31, 2025, we owned 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting.
As of March 31, 2026 and December 31, 2025, our investment in Sonesta had a carrying value of $108,809 and $111,796, respectively. On the date of acquisition of our initial equity interest in Sonesta (February 27, 2020), the cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $65 in both of the three months ended March 31, 2026 and 2025. We recognized losses of $3,001 and $3,947 related to our investment in Sonesta for the three months ended March 31, 2026 and 2025, respectively. These amounts, which include amortization of the basis difference, are included in equity in losses of an investee in our condensed consolidated statements of comprehensive income (loss).
We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our condensed consolidated balance sheets and is being amortized on a straight-line basis through the initial term of the legacy Sonesta agreement, January 31, 2037, as a reduction to hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $621 for each of the three months ended March 31, 2026 and 2025, for amortization of this liability. As of March 31, 2026 and December 31, 2025, the unamortized balance of this liability was $26,890 and $27,511, respectively.
See Notes 6 and 11 for further information regarding our relationships, agreements and transactions with Sonesta.
v3.26.1
Indebtedness
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Indebtedness
Note 8. Indebtedness
Our principal debt obligations at March 31, 2026 were: (1) $2,275,000 aggregate outstanding principal amount of senior unsecured notes; (2) $1,580,155 aggregate outstanding principal amount of senior secured notes; (3) $1,349,164 aggregate outstanding principal amount of net lease mortgage notes; and (4) $45,000 of outstanding borrowings under our $45,000 variable funding note, or the VFN. We had no amounts outstanding under our revolving credit facility as of March 31, 2026.
Revolving Credit Facility
Our $650,000 secured revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity and no principal repayments are due until maturity. Availability of borrowings under our credit agreement is subject to ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. The maturity date of our revolving credit facility is June 29, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to extend the stated maturity date of the facility by two additional six-month periods.
Interest payable on drawings under our revolving credit facility is based on the secured overnight financing rate, or SOFR, plus a margin ranging from 1.50% to 3.00% based on our leverage ratio, as defined in our credit agreement, which was 2.75% as of March 31, 2026. We also pay unused commitment fees of 20 to 30 basis points per annum on the total amount of lending commitments under our revolving credit facility based on amounts outstanding. As of March 31, 2026 and 2025, the annual interest rate payable on borrowings under our revolving credit facility was 6.43% and 6.91%, respectively. The weighted average annual interest rate for borrowings under our revolving credit facility was 6.94% for the three months ended March 31, 2025. As of both March 31, 2026 and May 4, 2026, we had no amounts outstanding under our revolving credit facility and $650,000 available for borrowing.
As collateral for all loans and other obligations under our revolving credit facility, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on certain properties. As of March 31, 2026, our revolving credit facility was secured by 55 properties, including 38 net lease properties and 17 hotels, with an aggregate undepreciated book value of $887,212.
Our debt agreements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes The RMR Group LLC, or RMR, ceasing to act as our business manager. Our debt agreements also contain covenants, including those that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. Borrowings under our revolving credit facility are subject to meeting ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. We believe we were in compliance with the terms and conditions of our debt agreements as of March 31, 2026.
Redemption of Senior Unsecured Notes
In January 2026, we redeemed $300,000 of our $400,000 of 4.95% senior unsecured notes due 2027 for a redemption price equal to the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption and a make whole premium of $1,569. As a result of the redemption, we recorded a loss on early extinguishment of debt of $2,174 during the three months ended March 31, 2026, which represented the write-off of unamortized discounts and issuance costs related to these notes.
In March 2026, we redeemed all $700,000 of our outstanding 8.375% senior guaranteed unsecured notes due 2029 for a redemption price equal to the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption and a make whole premium of $37,128. As a result of the redemption, we recorded a loss on early extinguishment of debt of $49,697 during the three months ended March 31, 2026, which represented the write-off of unamortized discounts and issuance costs related to these notes.
In April 2026, we redeemed all $450,000 of our outstanding 5.50% senior guaranteed unsecured notes due 2027 for a redemption price equal to the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption and a make whole premium of $7,191.
In May 2026, we redeemed the remaining $100,000 of our outstanding 4.95% senior unsecured notes due 2027 for a redemption price equal to the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption and a make whole premium of $216.
Net Lease Mortgage Notes
SVC ABS LLC, or the Initial Issuer, issued $610,200 in aggregate principal amount of net lease mortgage notes, or the Series 2023-1 Notes, on February 10, 2023. On March 6, 2026, the Initial Issuer, SVC 2026 ABS LLC and SVC 2026 TA ABS LLC, or collectively, the Issuers, issued $745,000 in aggregate principal amount of net lease mortgage notes in three classes, or the Series 2026-1 Notes. We contributed to the Issuers 158 properties with an undepreciated book value of $761,023 and required minimum rents of $84,179 as of March 31, 2026. The Issuers are wholly owned special purpose bankruptcy remote, indirect subsidiaries that are separate legal entities and are the sole owners of their respective assets and liabilities. The assets of the Issuers are not available to pay or otherwise satisfy obligations to the creditors of any owners or affiliates of the Issuers.
Our net lease mortgage notes are summarized below:
SeriesNote Class
Principal Outstanding as of March 31, 2026
Coupon RateInitial Term (in years)Maturity
2023-1Class A$300,298 5.15%5February 2028
2023-1Class B171,666 5.55%5February 2028
2023-1Class C132,200 6.70%5February 2028
2023-1 Total / weighted average604,164 5.60%
2026-1Class A220,000 5.16%5March 2031
2026-1Class B375,000 5.80%5March 2031
2026-1Class M150,000 7.55%5March 2031
2026-1 Total / weighted average745,000 5.96%
Total / weighted average$1,349,164 5.80%
The Series 2023-1 Class A notes and the Series 2023-1 Class B notes require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Series 2023-1 Class C notes require interest payments only, with balloon payments due at maturity. The Series 2023-1 Notes mature in February 2028 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in February 2026.
The Series 2026-1 Class A notes and the Series 2026-1 Class B notes require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Series 2026-1 Class M notes require interest payments only, with balloon payments due at maturity. The Series 2026-1 Notes mature in March 2031 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in March 2029.
Our Series 2023-1 Notes and Series 2026-1 Notes are non-recourse and, as of March 31, 2026, were secured by 472 retail net lease properties, including 158 properties that were contributed by us during the three months ended March 31, 2026. As of March 31, 2026, the current leases relating to the 472 properties required annual minimum rents of $150,754 and had an aggregate undepreciated book value of $1,511,474.
The VFN is also secured by the 472 net lease properties that secure our existing $1,349,164 of net lease mortgage notes. The VFN permits borrowings on a revolving basis up to $45,000 and the Issuer can borrow, repay and reborrow funds available until maturity. The maturity date of the VFN is January 27, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, can be extended by one year at the Issuer’s option. The VFN requires interest payments only on drawings under the VFN based on SOFR plus a margin of 1.75%, and an unused commitment fee of 50 basis points per annum paid on undrawn amounts. As of March 31, 2026 and 2025, the annual interest rate payable on borrowings under the VFN was 5.43% and 6.16%, respectively. The weighted average annual interest rate for borrowings under the VFN was 5.42% and 6.19% for the three months ended March 31, 2026 and 2025, respectively. As of both March 31, 2026 and May 4, 2026, we had $45,000 outstanding under the VFN.
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Note 9. Shareholders’ Equity
Share Purchases
During the three months ended March 31, 2026, we purchased an aggregate of 15,559 of our common shares, valued at $2.00 per common share, from certain former employees of RMR and Sonesta, in satisfaction of tax withholding and payment obligations in connection with the vesting of prior awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the trading prices of our common shares at the close of trading on The Nasdaq Stock Market LLC, or Nasdaq, on the applicable purchase dates.
Equity Offering
On March 30, 2026, we amended our amended and restated declaration of trust, as amended and supplemented, to increase our authorized common shares from 200,000,000 to 900,000,000 shares.
In April 2026, we issued and sold 479,166,667 common shares, including 62,500,000 common shares pursuant to the exercise of the underwriters’ option to purchase additional shares, at $1.20 per share in an underwritten public offering. Our net proceeds from this offering were approximately $542,300, after deducting the underwriters’ discount and other offering expenses.
Distributions
During the three months ended March 31, 2026, we declared and paid a regular quarterly distribution to common shareholders as follows:
Declaration DateRecord DatePaid DateDividend Per Common ShareTotal Distributions
January 15, 2026January 26, 2026February 19, 2026$0.01 $1,681 
On April 9, 2026, we declared a regular quarterly distribution to common shareholders of record as of April 21, 2026 of $0.01 per share, or approximately $6,472. We expect to pay this distribution on or about May 14, 2026.
Cumulative Other Comprehensive Income (Loss)
Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of Sonesta. See Notes 6, 7 and 11 for further information regarding this investment.
v3.26.1
Business and Property Management Agreements with RMR
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Business and Property Management Agreements with RMR
Note 10. Business and Property Management Agreements with RMR
We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of our net lease portfolio, the office building component of one of our hotels and major renovation or repositioning activities at our hotels that we may request RMR to manage from time to time.
We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our net lease properties and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR.
For the three months ended March 31, 2026 and 2025, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:
Financial Statement
Three Months Ended March 31,
Line Item20262025
Pursuant to business management agreement:
Net business management fees (1)
General and administrative$6,182 $6,930 
Pursuant to property management agreement:
Property management feesNet lease operating expenses$2,771 $2,087 
Construction supervision fees
Buildings, improvements and equipment (2)
128 657 
$2,899 $2,744 
Expense reimbursement
Net lease operating expenses, general and administrative, and buildings, improvements and equipment (2)
$1,094 $1,195 
(1)The net business management fees we recognized for each of the three months ended March 31, 2026 and 2025, reflect a reduction of $896 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)Amounts capitalized as buildings, improvements and equipment are depreciated over the estimated useful lives of the related assets.
Based on our common share total return, as defined in our business management agreement, as of March 31, 2026, no incentive fees are included in the net business management fees we recognized for the three months ended March 31, 2026. The actual amount of annual incentive fees for 2026, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2026, and will be payable in January 2027. We did not incur an incentive fee payable to RMR for the year ended December 31, 2025.
Effective January 1, 2026, we amended our business management agreement with RMR to replace the benchmark index used in the calculation of incentive business management fees. Pursuant to this amendment, for periods beginning on or after January 1, 2026, the MSCI U.S. REIT Diversified Index will be used to calculate benchmark returns per share for purposes of determining any incentive business management fee payable to RMR, and for periods ending prior to January 1, 2026, the MSCI U.S. REIT/Hotel & Resort REIT Index will continue to be used.
v3.26.1
Related Person Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Person Transactions
Note 11. Related Person Transactions
We have relationships and historical and continuing transactions with Sonesta, RMR, RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees, or our Board, and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Christopher J. Bilotto, our other Managing Trustee and our President and Chief Executive Officer, also serves as an executive officer of RMR Inc. and is an officer and employee of RMR. John G. Murray, our former Managing Trustee and our former President and Chief Executive Officer, also served as an officer and employee of RMR until March 31, 2026, and served as a director and president and chief executive officer of Sonesta until March 31, 2026, and will remain an employee of Sonesta until his retirement on September 30, 2026. Jeffrey C. Leer, an executive vice president of RMR, became a co-chief executive officer of Sonesta, effective April 1, 2026. In addition, each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including certain of our officers, serve as managing trustees or officers of certain of these companies.
Our Manager, RMR
We have two agreements with RMR to provide management services to us. See Note 10 for further information regarding our management agreements with RMR.
Sonesta
Sonesta is a private company of which Adam D. Portnoy, one of our Managing Trustees, is a director and the controlling stockholder. John G. Murray, our other Managing Trustee until March 2025, was a director and president and chief executive officer of Sonesta until March 31, 2026. Jeffrey C. Leer, an executive vice president of RMR, became a co-chief executive officer of Sonesta, effective April 1, 2026. Sonesta’s other director served as one of RMR Inc.’s managing directors, as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary and as our Secretary until her resignation from these positions, effective December 31, 2025, in connection with her retirement. Certain other officers and employees of Sonesta are former officers and employees of RMR. RMR also provides certain services to Sonesta. As of March 31, 2026, we owned 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 68 of our hotels. See Notes 6 and 7 for further information regarding our relationships, agreements and transactions with Sonesta.
Equity Offering
In April 2026, RMR, our manager, purchased 41,666,666 common shares in the equity offering at a price equal to the public offering price of $1.20 per share. In addition, Christopher J. Bilotto, one of our Managing Trustees and our President and Chief Executive Officer, and Brian E. Donley, our Chief Financial Officer and Treasurer, as well as certain of our Trustees, purchased an aggregate of approximately 248,333 common shares at the public offering price. Following the equity offering, RMR beneficially owned approximately 6.4% of our outstanding common shares and Adam D. Portnoy, including through ABP Trust, beneficially owned approximately 6.7% of our outstanding common shares.
For further information about these and certain other such relationships and certain other related person transactions, refer to our 2025 Annual Report.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 12. Income Taxes
We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the IRC, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (or benefit) includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT.
During the three months ended March 31, 2026, we recognized income tax expense of $1,181, which includes $486 of state tax expense and $695 of foreign tax expense. During the three months ended March 31, 2025, we recognized an income tax expense of $843, which includes $353 of state tax expense and $490 of foreign tax expense.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
Note 13. Segment Information
Our operating segments are based on our internal reporting structure and property type and are aligned with how our Chief Operating Decision Maker, or CODM, reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Executive Officer. Our two reportable segments are net lease investments and hotel investments. Our net lease investments segment consists of service-focused retail net lease properties, including travel centers leased to TA, our largest tenant. Our hotel investments segment consists of hotels managed by subsidiaries of Sonesta, Hyatt, Radisson and IHG.
The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. Our CODM reviews operating and financial results, including net income (loss) and its components, to allocate resources and assess segment performance. The accounting policies of our reportable segments are the same as those described in Note 2 to our consolidated financial statements included in our 2025 Annual Report. The tables below present information about our segments.
Three Months Ended March 31, 2026
Net LeaseHotelsTotal
Revenues:   
Hotel operating revenues$— $264,575 $264,575 
Rental income99,876 — 99,876 
Total revenues99,876 264,575 364,451 
Less (plus):
Room expenses— 67,112 67,112 
Food and beverage expenses— 40,305 40,305 
Management fees2,771 9,129 11,900 
Real estate taxes and insurance2,105 23,680 25,785 
Other operating expenses (1)
2,564 102,418 104,982 
Depreciation and amortization32,937 42,906 75,843 
Interest expense
15,792 — 15,792 
Other segment items (2)
8,988 20,196 29,184 
Segment profit (loss)34,719 (41,171)(6,452)
Reconciliation of segment profit or loss:
General and administrative
(8,796)
Transaction related costs
(6)
Interest income
884 
Interest expense(80,755)
Loss on early extinguishment of debt, net(51,871)
Income tax expense(1,181)
Equity in losses of an investee(3,001)
Net loss
$(151,178)
(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.
Three Months Ended March 31, 2025
Net LeaseHotelsTotal
Revenues:  
Hotel operating revenues $— $334,963 $334,963 
Rental income100,216 — 100,216 
Total revenues 100,216 334,963 435,179 
Less (plus):   
Room expenses— 93,909 93,909 
Food and beverage expenses— 40,319 40,319 
Management fees2,087 12,485 14,572 
Real estate taxes and insurance788 29,613 30,401 
Other operating expenses (1)
2,753 129,514 132,267 
Depreciation and amortization35,357 53,743 89,100 
Interest expense
12,126 — 12,126 
Other segment items (2)
(490)36,698 36,208 
Segment profit (loss)47,595 (61,318)(13,723)
Reconciliation of segment profit or loss:
General and administrative
(9,556)
Transaction related costs
(29)
Interest income
1,054 
Interest expense(89,391)
Income tax expense(843)
Equity in losses of an investee(3,947)
Net loss
$(116,435)
(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 March 31, 2026
As of December 31, 2025
Assets:
Net Lease$2,865,157 $2,902,699 
Hotels3,066,762 3,107,967 
Corporate149,706 480,914 
Total assets$6,081,625 $6,491,580 
Three Months Ended March 31,
20262025
Capital expenditures:
Net Lease$580 $748 
Hotels20,350 45,121 
Total capital expenditures$20,930 $45,869 
v3.26.1
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
Note 14. Fair Value of Assets and Liabilities
The table below presents certain of our assets carried at fair value at March 31, 2026, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
Fair Value at Reporting Date Using
DescriptionTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1) (2)
$54,058 $— $51,293 $2,765 
(1)We recorded impairment charges totaling $27,340 during the three months ended March 31, 2026, to reduce the carrying value of seven hotels and 13 net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $2,128, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).
(2)We recorded impairment charges totaling $755 during the three months ended March 31, 2026, to reduce the carrying value of eight net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $200, based on brokers’ opinions of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, VFN, net lease mortgage notes, senior notes and security deposits. At March 31, 2026 and December 31, 2025, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
March 31, 2026December 31, 2025
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior Unsecured Notes, due 2027 at 4.95%
$99,836 $99,924 $399,164 $401,716 
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
448,126 450,590 447,858 442,985 
Senior Secured Notes, due 2027 at zero coupon511,956 527,825 501,256 524,263 
Net Lease Mortgage Notes, due 2028 at 5.60%
580,911 595,750 578,368 598,113 
Senior Unsecured Notes, due 2028 at 3.95%
397,927 382,512 397,645 377,596 
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
— — 686,738 703,780 
Senior Unsecured Notes, due 2029 at 4.95%
422,252 384,923 422,056 368,382 
Senior Unsecured Notes, due 2030 at 4.375%
395,599 355,208 395,318 338,932 
Net Lease Mortgage Notes, due 2031 at 5.96%
722,548 733,533 — — 
Senior Secured Notes, due 2031 at 8.625%
977,130 1,044,320 976,121 1,050,370 
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
485,484 495,570 484,904 493,225 
Total financial liabilities$5,041,769 $5,070,155 $5,289,428 

$5,299,362 
(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.
At March 31, 2026 and December 31, 2025, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs). At March 31, 2026 and December 31, 2025, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement dates (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Organization and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our 2025 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our tenants and managers are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles.
Variable Interest Entity We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification™. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE.
Recent Accounting Pronouncements
In November 2024, the FASB issued Accounting Standards Update, or ASU, No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU No. 2024-03, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU No. 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact ASU No. 2024-03 will have on our condensed consolidated financial statements.
Revenue Recognition
We recognize in our condensed consolidated statements of comprehensive income (loss), hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided.
.
Revenue Recognition We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements in our condensed consolidated statements of comprehensive income (loss).
v3.26.1
Real Estate Properties (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Allocation of Purchase Price for Acquisitions Based on Estimated Fair Value of Acquired Assets We accounted for these transactions as acquisitions of assets and allocated the purchase price based on the estimated fair value of the acquired assets as follows:
Quarter AcquiredProperty TypeNumber of PropertiesSquare Feet
Purchase Price (1)
LandBuildings, Improvements and EquipmentAcquired Real Estate Leases
Q1 2026Net Lease38,788 $7,485 $1,946 $4,641 $898 
(1)Purchase price is the gross contract price, plus closing costs of $87.
Schedule of Sale of Properties and Major Class Of Assets And Liabilities By Investments Segments 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 SoldProperty TypeNumber of PropertiesSquare Feet / Rooms or Suites
Gross Sales Price (1)
Gain (Loss) on Sale of Real Estate, net
Q1 2026Hotel1133 $7,100 $1,154 
Q1 2026Net Lease24,712 1,285 201 
3
133 / 4,712
$8,385 $1,355 
(1)Gross sales price is the gross contract price, excluding closing costs.
The following table summarizes the major class of assets and liabilities of our properties held for sale by our net lease investments and hotel investments segments as of March 31, 2026:
As of March 31, 2026
Net LeaseHotelsTotal
Assets of properties held for sale:  
Real estate properties, net$13,199 $57,944 $71,143 
Other assets, net (1)
64 4,275 4,339 
Total assets of properties held for sale$13,263 $62,219 $75,482 
Liabilities of properties held for sale:
Accounts payable and other liabilities$34 $2,770 $2,804 
Total liabilities of properties held for sale$34 $2,770 $2,804 
(1) Other assets, net includes working capital of $1,151 for our hotel investments segment as described in Note 6.
v3.26.1
Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Net Lease Mortgage Notes
Our net lease mortgage notes are summarized below:
SeriesNote Class
Principal Outstanding as of March 31, 2026
Coupon RateInitial Term (in years)Maturity
2023-1Class A$300,298 5.15%5February 2028
2023-1Class B171,666 5.55%5February 2028
2023-1Class C132,200 6.70%5February 2028
2023-1 Total / weighted average604,164 5.60%
2026-1Class A220,000 5.16%5March 2031
2026-1Class B375,000 5.80%5March 2031
2026-1Class M150,000 7.55%5March 2031
2026-1 Total / weighted average745,000 5.96%
Total / weighted average$1,349,164 5.80%
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Distributions Declared and Paid Regular Quarterly Distributions to Common Shares
During the three months ended March 31, 2026, we declared and paid a regular quarterly distribution to common shareholders as follows:
Declaration DateRecord DatePaid DateDividend Per Common ShareTotal Distributions
January 15, 2026January 26, 2026February 19, 2026$0.01 $1,681 
v3.26.1
Business and Property Management Agreements with RMR (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized
For the three months ended March 31, 2026 and 2025, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:
Financial Statement
Three Months Ended March 31,
Line Item20262025
Pursuant to business management agreement:
Net business management fees (1)
General and administrative$6,182 $6,930 
Pursuant to property management agreement:
Property management feesNet lease operating expenses$2,771 $2,087 
Construction supervision fees
Buildings, improvements and equipment (2)
128 657 
$2,899 $2,744 
Expense reimbursement
Net lease operating expenses, general and administrative, and buildings, improvements and equipment (2)
$1,094 $1,195 
(1)The net business management fees we recognized for each of the three months ended March 31, 2026 and 2025, reflect a reduction of $896 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)Amounts capitalized as buildings, improvements and equipment are depreciated over the estimated useful lives of the related assets.
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information The tables below present information about our segments.
Three Months Ended March 31, 2026
Net LeaseHotelsTotal
Revenues:   
Hotel operating revenues$— $264,575 $264,575 
Rental income99,876 — 99,876 
Total revenues99,876 264,575 364,451 
Less (plus):
Room expenses— 67,112 67,112 
Food and beverage expenses— 40,305 40,305 
Management fees2,771 9,129 11,900 
Real estate taxes and insurance2,105 23,680 25,785 
Other operating expenses (1)
2,564 102,418 104,982 
Depreciation and amortization32,937 42,906 75,843 
Interest expense
15,792 — 15,792 
Other segment items (2)
8,988 20,196 29,184 
Segment profit (loss)34,719 (41,171)(6,452)
Reconciliation of segment profit or loss:
General and administrative
(8,796)
Transaction related costs
(6)
Interest income
884 
Interest expense(80,755)
Loss on early extinguishment of debt, net(51,871)
Income tax expense(1,181)
Equity in losses of an investee(3,001)
Net loss
$(151,178)
(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.
Three Months Ended March 31, 2025
Net LeaseHotelsTotal
Revenues:  
Hotel operating revenues $— $334,963 $334,963 
Rental income100,216 — 100,216 
Total revenues 100,216 334,963 435,179 
Less (plus):   
Room expenses— 93,909 93,909 
Food and beverage expenses— 40,319 40,319 
Management fees2,087 12,485 14,572 
Real estate taxes and insurance788 29,613 30,401 
Other operating expenses (1)
2,753 129,514 132,267 
Depreciation and amortization35,357 53,743 89,100 
Interest expense
12,126 — 12,126 
Other segment items (2)
(490)36,698 36,208 
Segment profit (loss)47,595 (61,318)(13,723)
Reconciliation of segment profit or loss:
General and administrative
(9,556)
Transaction related costs
(29)
Interest income
1,054 
Interest expense(89,391)
Income tax expense(843)
Equity in losses of an investee(3,947)
Net loss
$(116,435)
(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 March 31, 2026
As of December 31, 2025
Assets:
Net Lease$2,865,157 $2,902,699 
Hotels3,066,762 3,107,967 
Corporate149,706 480,914 
Total assets$6,081,625 $6,491,580 
Three Months Ended March 31,
20262025
Capital expenditures:
Net Lease$580 $748 
Hotels20,350 45,121 
Total capital expenditures$20,930 $45,869 
v3.26.1
Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Carried at Fair Value Categorized by Level of Inputs
The table below presents certain of our assets carried at fair value at March 31, 2026, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
Fair Value at Reporting Date Using
DescriptionTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1) (2)
$54,058 $— $51,293 $2,765 
(1)We recorded impairment charges totaling $27,340 during the three months ended March 31, 2026, to reduce the carrying value of seven hotels and 13 net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $2,128, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).
(2)We recorded impairment charges totaling $755 during the three months ended March 31, 2026, to reduce the carrying value of eight net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $200, based on brokers’ opinions of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
Schedule of Fair Values of Financial Instruments At March 31, 2026 and December 31, 2025, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
March 31, 2026December 31, 2025
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior Unsecured Notes, due 2027 at 4.95%
$99,836 $99,924 $399,164 $401,716 
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
448,126 450,590 447,858 442,985 
Senior Secured Notes, due 2027 at zero coupon511,956 527,825 501,256 524,263 
Net Lease Mortgage Notes, due 2028 at 5.60%
580,911 595,750 578,368 598,113 
Senior Unsecured Notes, due 2028 at 3.95%
397,927 382,512 397,645 377,596 
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
— — 686,738 703,780 
Senior Unsecured Notes, due 2029 at 4.95%
422,252 384,923 422,056 368,382 
Senior Unsecured Notes, due 2030 at 4.375%
395,599 355,208 395,318 338,932 
Net Lease Mortgage Notes, due 2031 at 5.96%
722,548 733,533 — — 
Senior Secured Notes, due 2031 at 8.625%
977,130 1,044,320 976,121 1,050,370 
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
485,484 495,570 484,904 493,225 
Total financial liabilities$5,041,769 $5,070,155 $5,289,428 

$5,299,362 
(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.
v3.26.1
Organization and Basis of Presentation (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
property
Dec. 31, 2025
USD ($)
Real Estate Properties [Line Items]    
Ownership interest in subsidiaries (as percent) 100.00%  
Assets of TRSs $ 6,081,625 $ 6,491,580
Liabilities of TRSs 5,587,889 5,845,456
Consolidated    
Real Estate Properties [Line Items]    
Assets of TRSs 126,671 122,004
Liabilities of TRSs $ 64,314 $ 57,846
Hotel    
Real Estate Properties [Line Items]    
Number of properties | property 93  
Net Lease    
Real Estate Properties [Line Items]    
Number of properties | property 761  
v3.26.1
Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]      
Straight rental income $ 1,431 $ 3,878  
Straight line rent receivables 101,710   $ 98,729
Related Party      
Related Party Transaction [Line Items]      
Deferred percentage rental income $ 940 $ 846  
v3.26.1
Per Common Share Amounts (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Dilutive common shares (in shares) 0 0
v3.26.1
Real Estate Properties - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
May 04, 2026
USD ($)
ft²
property
Mar. 31, 2026
USD ($)
ft²
property
key
room
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Real Estate Properties [Line Items]        
Aggregate undepreciated carrying value held-for-sale | $   $ 8,058,562   $ 8,102,783
Carrying value of net lease properties held for sale | $   126,807   $ 153,751
Capital improvements from leased facilities, funded | $   49,893 $ 61,426  
Net proceeds from sale of real estate | $   $ 8,634 21,081  
Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Number of properties | property   3    
Aggregate sales price | $   $ 8,385    
Assets Held for Sale | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Area of real estate (in sqft) | ft²   123,771    
Hotels and Net Lease Properties        
Real Estate Properties [Line Items]        
Capital improvements from leased facilities, funded | $   $ 20,930 $ 45,869  
Net Lease        
Real Estate Properties [Line Items]        
Number of properties | property   761    
Area of real estate (in sqft) | ft²   13,605,978    
Net Lease | Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Number of properties | property   2    
Area of real estate (in sqft) | ft²   4,712    
Aggregate sales price | $   $ 1,285    
Net Lease | Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions | Subsequent Event        
Real Estate Properties [Line Items]        
Number of properties | property 11      
Area of real estate (in sqft) | ft² 88,084      
Aggregate sales price | $ $ 9,160      
Net Lease | Assets Held for Sale | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Number of properties | property   22    
Net Lease | Assets Held for Sale | Real Estate Dispositions | Subsequent Event        
Real Estate Properties [Line Items]        
Number of properties | property 7      
Area of real estate (in sqft) | ft² 30,161      
Net proceeds from sale of real estate | $ $ 3,415      
Net Lease | Acquired Real Estate 2026        
Real Estate Properties [Line Items]        
Number of properties | property   3    
Area of real estate (in sqft) | ft²   8,788    
Purchase price | $   $ 7,398    
Net Lease | Acquired Real Estate 2026 | Subsequent Event        
Real Estate Properties [Line Items]        
Number of properties | property 1      
Area of real estate (in sqft) | ft² 3,200      
Purchase price | $ $ 1,776      
Hotel        
Real Estate Properties [Line Items]        
Number of properties | property   93    
Number of rooms/suites | room   21,110    
Hotel | Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Number of properties | property   1    
Number of rooms/suites | room   133    
Aggregate sales price | $   $ 7,100    
Hotel | Assets Held for Sale | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Number of properties | property   8    
Number of rooms/suites | key   1,012    
Hotel | Disposal Group, Held-For-Use, Not Discontinued Operations | Real Estate Dispositions        
Real Estate Properties [Line Items]        
Number of properties | property   1    
v3.26.1
Real Estate Properties - Schedule of Allocation of Purchase Price for Acquisitions Based on Estimated Fair Value of Acquired Assets (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
ft²
property
Real Estate Properties [Line Items]  
Closing costs $ 87
Net Lease  
Real Estate Properties [Line Items]  
Number of Properties | property 761
Square Feet | ft² 13,605,978
Net Lease | Acquired Real Estate 2026  
Real Estate Properties [Line Items]  
Number of Properties | property 3
Square Feet | ft² 8,788
Purchase Price $ 7,485
Land 1,946
Buildings, Improvements and Equipment 4,641
Acquired Real Estate Leases $ 898
v3.26.1
Real Estate Properties - Schedule of Sale of Properties (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
ft²
property
room
Mar. 31, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Gain (Loss) on Sale of Real Estate, net $ 1,355 $ 746
Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 3  
Gross sales price $ 8,385  
Gain (Loss) on Sale of Real Estate, net $ 1,355  
Hotel    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 93  
Rooms or Suites | room 21,110  
Hotel | Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 1  
Rooms or Suites | room 133  
Gross sales price $ 7,100  
Gain (Loss) on Sale of Real Estate, net $ 1,154  
Net Lease    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 761  
Square Feet | ft² 13,605,978  
Net Lease | Disposed of by Sale, Not Discontinued Operations | Real Estate Dispositions    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 2  
Square Feet | ft² 4,712  
Gross sales price $ 1,285  
Gain (Loss) on Sale of Real Estate, net $ 201  
v3.26.1
Real Estate Properties - Schedule of Major Class of Assets and Liabilities by Investments Segments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets of properties held for sale:    
Total assets of properties held for sale $ 75,482 $ 94,366
Liabilities of properties held for sale:    
Total liabilities of properties held for sale 2,804 $ 5,329
Real Estate Dispositions    
Assets of properties held for sale:    
Real estate properties, net 71,143  
Other assets, net 4,339  
Total assets of properties held for sale 75,482  
Assets Held for Sale | Real Estate Dispositions    
Liabilities of properties held for sale:    
Accounts payable and other liabilities 2,804  
Total liabilities of properties held for sale 2,804  
Hotel    
Liabilities of properties held for sale:    
Working capital included in other assets, net 1,151  
Hotel | Real Estate Dispositions    
Assets of properties held for sale:    
Real estate properties, net 57,944  
Other assets, net 4,275  
Total assets of properties held for sale 62,219  
Hotel | Assets Held for Sale | Real Estate Dispositions    
Liabilities of properties held for sale:    
Accounts payable and other liabilities 2,770  
Total liabilities of properties held for sale 2,770  
Net Lease | Real Estate Dispositions    
Assets of properties held for sale:    
Real estate properties, net 13,199  
Other assets, net 64  
Total assets of properties held for sale 13,263  
Net Lease | Assets Held for Sale | Real Estate Dispositions    
Liabilities of properties held for sale:    
Accounts payable and other liabilities 34  
Total liabilities of properties held for sale $ 34  
v3.26.1
Leases and Management Agreements - Narrative (Details)
Mar. 31, 2026
property
agreement
tenant
Net Lease  
Management Agreements and Leases [Line Items]  
Number of properties 761
Number of tenants | tenant 185
Net Lease | TravelCenters of America Inc. | Related Party  
Management Agreements and Leases [Line Items]  
Number of properties 175
Hotel  
Management Agreements and Leases [Line Items]  
Number of properties 93
Number of operating agreements | agreement 4
Hotel | IHG Agreement  
Management Agreements and Leases [Line Items]  
Number of properties 1
Hotel | Sonesta International Hotels Corporation | Related Party  
Management Agreements and Leases [Line Items]  
Number of properties 68
Hotel | Hyatt Hotels Corporation | Related Party  
Management Agreements and Leases [Line Items]  
Number of properties 17
Hotel | Radisson Hospitality, Inc | Related Party  
Management Agreements and Leases [Line Items]  
Number of properties 7
v3.26.1
Leases and Management Agreements - Net Lease Portfolio (Details) - Net Lease
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
ft²
tenant
brand
industry
property
Management Agreements and Leases [Line Items]  
Number of properties | property 761
Area of real estate (in sqft) | ft² 13,605,978
Annual minimum returns and rents | $ $ 392,199
Weighted average lease term (in years) 7 years 3 months 18 days
Percentage of portfolio leased by tenants 96.60%
Number of tenants | tenant 185
Number of brands | brand 140
Number of industries | industry 21
v3.26.1
Leases and Management Agreements - TA Leases (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
leaseOption
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Management Agreements and Leases [Line Items]      
Rental income $ 99,876 $ 100,216  
Reduction of rental income 2,235 235  
COVID-19      
Management Agreements and Leases [Line Items]      
Reserves for uncollectible rents 5,349   $ 3,115
SMTA Transaction      
Management Agreements and Leases [Line Items]      
Rental income 32,042 32,382  
Straight line rent adjustments (312) 839  
TravelCenters of America Inc.      
Management Agreements and Leases [Line Items]      
Monthly rent credit amount $ 25,000    
Lease term (in years) 10 years    
BP Products North America Inc.      
Management Agreements and Leases [Line Items]      
Guarantee obligations $ 2,943,588    
Net Lease      
Management Agreements and Leases [Line Items]      
Number of properties | property 761    
Annual minimum returns and rents $ 392,199    
Net Lease | TravelCenters of America Inc. | Related Party      
Management Agreements and Leases [Line Items]      
Number of properties | property 175    
Travel Centers | TravelCenters of America Inc.      
Management Agreements and Leases [Line Items]      
Renewal options | leaseOption 5    
Annual minimum returns and rents $ 264,262    
Rental income 67,834 67,834  
Straight line rent adjustments 1,743 $ 3,039  
Accruals for unpaid rent, including deferred rent $ 58,509   $ 55,157
Travel Centers of America LLC | Net Lease | Real Estate Assets at Cost | Credit Concentration | TravelCenters of America Inc. | Related Party      
Management Agreements and Leases [Line Items]      
Concentration risk (as percent) 33.00%    
v3.26.1
Leases and Management Agreements - Sonesta Agreement (Details)
$ in Thousands
 3 Months Ended
Aug. 01, 2025
USD ($)
renewalOption
Mar. 31, 2026
USD ($)
property
room
key
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Management Agreements and Leases [Line Items]        
Capital improvements from leased facilities, funded   $ 49,893 $ 61,426  
Due from related persons   $ 7,184   $ 241
Sonesta Agreement        
Management Agreements and Leases [Line Items]        
Percentage of gross revenues from hotel operations placed into escrow   5.00%    
Hotel        
Management Agreements and Leases [Line Items]        
Number of properties | property   93    
Number of units related to real estate property | room   21,110    
Hotel | Sonesta Agreement        
Management Agreements and Leases [Line Items]        
Number of properties | property   53    
Payment for additional return (as percent)   80.00%    
Number of renewal options | renewalOption 2      
Term of renewal options (in years) 10 years      
Incentive fee (as percent) 20.00%      
Incentive threshold cap $ 194,248      
Brand promotion fee, percent of gross revenues 3.50%      
Loyalty fee, percent of room revenues 1.00%      
Construction management fee percentage 3.00%      
Termination, performance threshold period (in years) 2 years      
Realized returns under Sonesta agreement   $ 10,867 18,169  
Related party transaction, management, marketing and reservation system fees   13,206 26,276  
Accrued incentive fee   1,313    
Procurement and construction supervision fees   397 621  
Capital improvements from leased facilities, funded   18,697 $ 41,561  
Advanced working capital   $ 31,702   31,835
Hotel | Sonesta Agreement | Assets Held for Sale | Marketed Real Estate Dispositions        
Management Agreements and Leases [Line Items]        
Number of properties | property   15    
Number of units related to real estate property | key   3,022    
Hotel | Full Service Hotel | Sonesta Agreement        
Management Agreements and Leases [Line Items]        
Base management fee, percent of gross revenues 3.00%      
Loyalty fee, percent of qualified room revenues 4.50%      
Centralized service fee $ 1,100      
Hotel | Limited Services Hotel | Sonesta Agreement        
Management Agreements and Leases [Line Items]        
Base management fee, percent of gross revenues 5.00%      
Loyalty fee, percent of qualified room revenues 2.50%      
Centralized service fee $ 250      
Hotel | Select Service Hotels | Sonesta Agreement        
Management Agreements and Leases [Line Items]        
Base management fee, percent of gross revenues 5.00%      
Loyalty fee, percent of qualified room revenues 3.00%      
Centralized service fee $ 250      
Sonesta International Hotels Corporation | Hotel        
Management Agreements and Leases [Line Items]        
Due to related party, reimbursement of capital expenditures and other   $ 10,587   39,509
Sonesta International Hotels Corporation | Hotel | Return Of Capital        
Management Agreements and Leases [Line Items]        
Annual priority return under Sonesta agreement   196,236    
Due from related persons   $ 7,184   $ 241
Sonesta International Hotels Corporation | Hotel | Real Estate Assets at Cost | Credit Concentration        
Management Agreements and Leases [Line Items]        
Percentage of historical real estate investments   41.80%    
Sonesta International Hotels Corporation | Hotel | Full Service Hotel        
Management Agreements and Leases [Line Items]        
Number of real estate properties leased or managed | property   39    
Sonesta International Hotels Corporation | Hotel | Limited Services Hotel        
Management Agreements and Leases [Line Items]        
Number of real estate properties leased or managed | property   22    
Sonesta International Hotels Corporation | Hotel | Select Service Hotels        
Management Agreements and Leases [Line Items]        
Number of real estate properties leased or managed | property   7    
v3.26.1
Leases and Management Agreements - Hyatt Agreement (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
Management Agreements and Leases [Line Items]    
Capital improvements from leased facilities, funded $ 49,893 $ 61,426
Hotel    
Management Agreements and Leases [Line Items]    
Number of properties | property 93  
Hotel | Hyatt Hotels Corporation Contract    
Management Agreements and Leases [Line Items]    
Annual minimum returns and rents $ 17,400  
Limited guarantee amount $ 30,000  
Limited guarantee, percentage of annual minimum returns 75.00%  
Realized returns $ 3,262 3,127
Property agreement guarantee payment to cover shortfall 1,444 1,367
Available balance of guaranty 25,048  
Capital improvements from leased facilities, funded $ 55 $ 1,619
Hyatt Hotels Corporation | Hotel | Related Party    
Management Agreements and Leases [Line Items]    
Number of properties | property 17  
v3.26.1
Leases and Management Agreements- Radisson Agreement (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
Management Agreements and Leases [Line Items]    
Capital improvements from leased facilities, funded $ 49,893 $ 61,426
Radisson Agreement    
Management Agreements and Leases [Line Items]    
Capital improvements from leased facilities, funded 138 0
Increase in annual owner's priority returns $ 9  
Hotel    
Management Agreements and Leases [Line Items]    
Number of properties | property 93  
Hotel | Radisson Agreement    
Management Agreements and Leases [Line Items]    
Annual minimum returns and rents $ 10,920  
Limited guarantee amount $ 22,000  
Limited guarantee, percentage of annual minimum returns 75.00%  
Realized returns $ 2,047 1,403
Property agreement guarantee payment to cover shortfall 382 $ 2,045
Available balance of guaranty $ 16,203  
Radisson Hospitality, Inc | Hotel | Related Party    
Management Agreements and Leases [Line Items]    
Number of properties | property 7  
v3.26.1
Leases and Management Agreements - IHG Agreement (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
Management Agreements and Leases [Line Items]    
Realized returns under management agreement $ 35,578 $ 38,200
Capital improvements from leased facilities, funded $ 49,893 61,426
Hotel    
Management Agreements and Leases [Line Items]    
Number of properties | property 93  
IHG Agreement    
Management Agreements and Leases [Line Items]    
Capital improvements from leased facilities, funded $ 271 975
IHG Agreement | Hotel    
Management Agreements and Leases [Line Items]    
Number of properties | property 1  
Realized returns under management agreement $ 1,131 $ 2,243
v3.26.1
Equity Method Investment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 27, 2020
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]        
Equity method investment   $ 108,809   $ 111,796
Equity in earnings (losses) of an investee   (3,001) $ (3,947)  
Sonesta International Hotels Corporation        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings (losses) of an investee   (3,001) (3,947)  
Decrease in hotel operating expense   621 621  
Sonesta Agreement        
Schedule of Equity Method Investments [Line Items]        
Equity method investment   108,809   111,796
Amount of cost basis exceeding book value $ 8,000      
Amortization period (in years) 31 years      
Amortization of basis difference   65 $ 65  
Liability of the fair value of initial investment   42,000    
Unamortized balance   $ 26,890   $ 27,511
Sonesta International Hotels Corporation        
Schedule of Equity Method Investments [Line Items]        
Noncontrolling interest, ownership (as percent)   34.00%   34.00%
v3.26.1
Indebtedness - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 27, 2025
Apr. 30, 2026
USD ($)
Jan. 31, 2026
USD ($)
Mar. 31, 2026
USD ($)
extensionOption
property
Mar. 31, 2025
USD ($)
May 04, 2026
USD ($)
Mar. 06, 2026
USD ($)
Feb. 10, 2023
USD ($)
Indebtedness                
Loss on early extinguishment of debt, net       $ 51,871 $ 0      
Net Lease                
Indebtedness                
Annual minimum returns       392,199        
Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 1,349,164       $ 610,200
Debt instrument, collateral properties | property       472        
Interest rate, stated percentage (as percent)       5.80%        
Annual minimum returns       $ 150,754        
Aggregate undepreciated carrying value       $ 1,511,474        
Mortgages | Service Properties Trust                
Indebtedness                
Debt instrument, collateral properties | property       158        
Variable Funding Notes                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 1,349,164        
Secured revolving credit facility       $ 45,000        
Debt instrument, basis spread on variable rate (as percent) 1.75%              
Interest rate (as percent)       5.43% 6.16%      
Weighted average interest rate (as percent)       5.42% 6.19%      
Debt instrument, collateral properties | property       472        
Extension term (in years) 1 year              
Unused commitment fee 0.50%              
Variable Funding Notes | Subsequent Event                
Indebtedness                
Secured revolving credit facility           $ 45,000    
Revolving Credit Facility                
Indebtedness                
Secured revolving credit facility       $ 650,000        
Borrowings outstanding under revolving credit facility       $ 0        
Number of extension options | extensionOption       2        
Extension term (in months)       6 months        
Leverage ratio limit (as percent)       2.75%        
Interest rate (as percent)       6.43% 6.91%      
Weighted average interest rate (as percent)         6.94%      
Debt instrument, collateral properties | property       55        
Undepreciated carrying value       $ 887,212        
Revolving Credit Facility | Subsequent Event                
Indebtedness                
Secured revolving credit facility           650,000    
Borrowings outstanding under revolving credit facility           $ 0    
Revolving Credit Facility | Hotel                
Indebtedness                
Debt instrument, collateral properties | property       17        
Revolving Credit Facility | Net Lease                
Indebtedness                
Debt instrument, collateral properties | property       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%        
Senior Unsecured Notes | Senior Notes                
Indebtedness                
Aggregate outstanding principal amount       $ 2,275,000        
Senior Secured Notes | Senior Notes                
Indebtedness                
Aggregate outstanding principal amount       $ 1,580,155        
Senior Unsecured Notes, due 2027 at 4.95%                
Indebtedness                
Interest rate, stated percentage (as percent)       4.95%        
Senior Unsecured Notes, due 2027 at 4.95% | Senior Notes                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes     $ 400,000          
Repurchase amount     $ 300,000          
Interest rate, stated percentage (as percent)     4.95%          
Loss on early extinguishment of debt, net       $ 2,174        
Redemption premium     $ 1,569          
Senior Unsecured Notes, due 2027 at 4.95% | Senior Notes | Subsequent Event                
Indebtedness                
Repurchase amount   $ 100,000            
Interest rate, stated percentage (as percent)   4.95%            
Redemption premium   $ 216            
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%                
Indebtedness                
Interest rate, stated percentage (as percent)       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%        
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | Senior Notes | Subsequent Event                
Indebtedness                
Repurchase amount   $ 450,000            
Interest rate, stated percentage (as percent)   5.50%            
Redemption premium   $ 7,191            
2026-1 Total                
Indebtedness                
Interest rate, stated percentage (as percent)       5.96%        
2026-1 Total | Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 745,000     $ 745,000  
Debt instrument, collateral properties | property       158        
Interest rate, stated percentage (as percent)       5.96%        
Redemption period (in months)       24 months        
Annual minimum returns       $ 84,179        
Aggregate undepreciated carrying value       761,023        
Coupon Rate 5.16% | Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 220,000        
Interest rate, stated percentage (as percent)       5.16%        
Debt instrument, monthly redemption price (as percent)       0.50%        
Coupon Rate 5.80% | Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 375,000        
Interest rate, stated percentage (as percent)       5.80%        
Debt instrument, monthly redemption price (as percent)       0.25%        
2023-1 Total                
Indebtedness                
Interest rate, stated percentage (as percent)       5.60%        
2023-1 Total | Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 604,164        
Interest rate, stated percentage (as percent)       5.60%        
Redemption period (in months)       24 months        
Coupon Rate 5.15% | Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 300,298        
Interest rate, stated percentage (as percent)       5.15%        
Debt instrument, monthly redemption price (as percent)       0.50%        
Coupon Rate 5.55% | Mortgages                
Indebtedness                
Aggregate outstanding principal amount of net lease mortgage notes       $ 171,666        
Interest rate, stated percentage (as percent)       5.55%        
Debt instrument, monthly redemption price (as percent)       0.25%        
v3.26.1
Indebtedness - Schedule of Net Lease Mortgage Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 06, 2026
Feb. 10, 2023
Mortgages      
Indebtedness      
Principal Outstanding $ 1,349,164   $ 610,200
Coupon Rate (as percent) 5.80%    
2023-1 Total / weighted average      
Indebtedness      
Coupon Rate (as percent) 5.60%    
2023-1 Total / weighted average | Mortgages      
Indebtedness      
Principal Outstanding $ 604,164    
Coupon Rate (as percent) 5.60%    
Coupon Rate 5.15% | Mortgages      
Indebtedness      
Principal Outstanding $ 300,298    
Coupon Rate (as percent) 5.15%    
Initial Term (in years) 5 years    
Coupon Rate 5.55% | Mortgages      
Indebtedness      
Principal Outstanding $ 171,666    
Coupon Rate (as percent) 5.55%    
Initial Term (in years) 5 years    
Coupon Rate 6.70% | Mortgages      
Indebtedness      
Principal Outstanding $ 132,200    
Coupon Rate (as percent) 6.70%    
Initial Term (in years) 5 years    
2026-1 Total / weighted average      
Indebtedness      
Coupon Rate (as percent) 5.96%    
2026-1 Total / weighted average | Mortgages      
Indebtedness      
Principal Outstanding $ 745,000 $ 745,000  
Coupon Rate (as percent) 5.96%    
Coupon Rate 5.16% | Mortgages      
Indebtedness      
Principal Outstanding $ 220,000    
Coupon Rate (as percent) 5.16%    
Initial Term (in years) 5 years    
Coupon Rate 5.80% | Mortgages      
Indebtedness      
Principal Outstanding $ 375,000    
Coupon Rate (as percent) 5.80%    
Initial Term (in years) 5 years    
Coupon Rate 7.55% | Mortgages      
Indebtedness      
Principal Outstanding $ 150,000    
Coupon Rate (as percent) 7.55%    
Initial Term (in years) 5 years    
v3.26.1
Shareholders' Equity - Share Awards and Share Purchases (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Stockholders' Equity Note [Abstract]  
Shares repurchased (in shares) | shares 15,559
Shares repurchased (in dollars per share) | $ / shares $ 2.00
v3.26.1
Shareholders' Equity - Equity Offering (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended
Apr. 30, 2026
Mar. 31, 2026
Mar. 30, 2026
Mar. 29, 2026
Dec. 31, 2025
Class of Stock [Line Items]          
Common shares, shares authorized (in shares)   900,000,000 900,000,000 200,000,000 200,000,000
Subsequent Event          
Class of Stock [Line Items]          
Price per share (in dollar per share) $ 1.20        
Offering proceeds $ 542,300        
Subsequent Event | Public Stock Offering          
Class of Stock [Line Items]          
Issued and sold (in shares) 479,166,667        
Subsequent Event | Over-Allotment Option          
Class of Stock [Line Items]          
Issued and sold (in shares) 62,500,000        
v3.26.1
Shareholders' Equity - Schedule of Distributions Declared and Paid Regular Quarterly Distributions to Common Shares (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
Stockholders' Equity Note [Abstract]  
Dividend Per Common Share (in dollars per share) | $ / shares $ 0.01
Total Distributions | $ $ 1,681
v3.26.1
Shareholders' Equity - Distributions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 09, 2026
Mar. 31, 2026
Class of Stock [Line Items]    
Quarterly distribution declared (in dollars per share)   $ 0.01
Common stock dividend   $ 1,681
Subsequent Event    
Class of Stock [Line Items]    
Quarterly distribution declared (in dollars per share) $ 0.01  
Common stock dividend $ 6,472  
v3.26.1
Business and Property Management Agreements with RMR - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
employee
agreement
Real Estate Properties [Line Items]  
Entity number of employees | employee 0
Net Business Management Fees | RMR LLC  
Real Estate Properties [Line Items]  
Incentive fee included in net business management fees | $ $ 0
RMR LLC | Amended And Restate Business Management Agreement  
Real Estate Properties [Line Items]  
Number of management service agreements | agreement 2
Measurement period (in years) 3 years
v3.26.1
Business and Property Management Agreements with RMR - Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized (Details) - RMR LLC - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net business management fees    
Real Estate Properties [Line Items]    
Transaction amount $ 6,182 $ 6,930
Recognized amortization of liability 896 896
Property management agreement    
Real Estate Properties [Line Items]    
Transaction amount 2,899 2,744
Property management fees    
Real Estate Properties [Line Items]    
Transaction amount 2,771 2,087
Construction supervision fees    
Real Estate Properties [Line Items]    
Transaction amount 128 657
Expense reimbursement    
Real Estate Properties [Line Items]    
Transaction amount $ 1,094 $ 1,195
v3.26.1
Related Person Transactions (Details)
 1 Months Ended
Apr. 30, 2026
$ / shares
shares
Mar. 31, 2026
property
agreement
Dec. 31, 2025
Subsequent Event      
Related Party Transaction [Line Items]      
Price per share (in dollar per share) | $ / shares $ 1.20    
Related Party | Subsequent Event      
Related Party Transaction [Line Items]      
Issued and sold (in shares) | shares 41,666,666    
Price per share (in dollar per share) | $ / shares $ 1.20    
Trustees, Chief Executive Officer, Chief Financial Officer | Subsequent Event      
Related Party Transaction [Line Items]      
Issued and sold (in shares) | shares 248,333    
Hotel      
Related Party Transaction [Line Items]      
Number of properties | property   93  
Sonesta International Hotels Corporation      
Related Party Transaction [Line Items]      
Noncontrolling interest, ownership (as percent)   34.00% 34.00%
RMR LLC | Related Party | Subsequent Event      
Related Party Transaction [Line Items]      
Sale of stock, percentage of ownership after transaction (as percentage) 6.40%    
RMR LLC | Amended And Restate Business Management Agreement      
Related Party Transaction [Line Items]      
Number of service agreements | agreement   2  
Sonesta International Hotels Corporation | Hotel | Related Party      
Related Party Transaction [Line Items]      
Number of properties | property   68  
ABP Trust | Related Party | Subsequent Event      
Related Party Transaction [Line Items]      
Sale of stock, percentage of ownership after transaction (as percentage) 6.70%    
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Components of provision for income taxes    
Income tax expense $ 1,181 $ 843
Current state tax expense 486 353
Current foreign tax expense $ 695 $ 490
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenues:      
Hotel operating revenues $ 264,575 $ 334,963  
Rental income 99,876 100,216  
Total revenues 364,451 435,179  
Less (plus):      
Hotel operating expenses 242,644 305,840  
Other operating expenses 7,440 5,628  
Depreciation and amortization 75,843 89,100  
Interest expense 96,547 101,517  
Segment profit (loss) (151,178) (116,435)  
Reconciliation of segment profit or loss:      
General and administrative (8,796) (9,556)  
Interest income 943 1,249  
Interest expense 96,547 101,517  
Loss on early extinguishment of debt, net (51,871) 0  
Income tax benefit (1,181) (843)  
Equity in earnings (losses) of an investee (3,001) (3,947)  
Total assets 6,081,625   $ 6,491,580
Total capital expenditures 20,930 45,869  
Net Lease      
Reconciliation of segment profit or loss:      
Total capital expenditures 580 748  
Hotels      
Reconciliation of segment profit or loss:      
Total capital expenditures 20,350 45,121  
Operating segments      
Revenues:      
Hotel operating revenues 264,575 334,963  
Rental income 99,876 100,216  
Total revenues 364,451 435,179  
Less (plus):      
Management fees 11,900 14,572  
Real estate taxes and insurance 25,785 30,401  
Other operating expenses 104,982 132,267  
Depreciation and amortization 75,843 89,100  
Interest expense 15,792 12,126  
Other segment items 29,184 36,208  
Segment profit (loss) (6,452) (13,723)  
Reconciliation of segment profit or loss:      
Interest expense 15,792 12,126  
Operating segments | Room expenses      
Less (plus):      
Hotel operating expenses 67,112 93,909  
Operating segments | Food and beverage expenses      
Less (plus):      
Hotel operating expenses 40,305 40,319  
Operating segments | Net Lease      
Revenues:      
Hotel operating revenues 0 0  
Rental income 99,876 100,216  
Total revenues 99,876 100,216  
Less (plus):      
Management fees 2,771 2,087  
Real estate taxes and insurance 2,105 788  
Other operating expenses 2,564 2,753  
Depreciation and amortization 32,937 35,357  
Interest expense 15,792 12,126  
Other segment items 8,988 (490)  
Segment profit (loss) 34,719 47,595  
Reconciliation of segment profit or loss:      
Interest expense 15,792 12,126  
Total assets 2,865,157   2,902,699
Operating segments | Net Lease | Room expenses      
Less (plus):      
Hotel operating expenses 0 0  
Operating segments | Net Lease | Food and beverage expenses      
Less (plus):      
Hotel operating expenses 0 0  
Operating segments | Hotels      
Revenues:      
Hotel operating revenues 264,575 334,963  
Rental income 0 0  
Total revenues 264,575 334,963  
Less (plus):      
Management fees 9,129 12,485  
Real estate taxes and insurance 23,680 29,613  
Other operating expenses 102,418 129,514  
Depreciation and amortization 42,906 53,743  
Interest expense 0 0  
Other segment items 20,196 36,698  
Segment profit (loss) (41,171) (61,318)  
Reconciliation of segment profit or loss:      
Interest expense 0 0  
Total assets 3,066,762   3,107,967
Operating segments | Hotels | Room expenses      
Less (plus):      
Hotel operating expenses 67,112 93,909  
Operating segments | Hotels | Food and beverage expenses      
Less (plus):      
Hotel operating expenses 40,305 40,319  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment      
Less (plus):      
Interest expense 80,755 89,391  
Reconciliation of segment profit or loss:      
General and administrative (8,796) (9,556)  
Transaction related costs (6) (29)  
Interest income 884 1,054  
Interest expense 80,755 89,391  
Loss on early extinguishment of debt, net (51,871)    
Income tax benefit (1,181) (843)  
Equity in earnings (losses) of an investee (3,001) $ (3,947)  
Corporate      
Reconciliation of segment profit or loss:      
Total assets $ 149,706   $ 480,914
v3.26.1
Fair Value of Assets and Liabilities - Schedule of Assets Carried at Fair Value Categorized by Level of Inputs (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
Fair Value of Assets and Liabilities    
Impairment charges $ 28,095 $ 37,067
Assets Held for Sale    
Fair Value of Assets and Liabilities    
Assets of properties held for sale 54,058  
Assets Held for Sale | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value of Assets and Liabilities    
Assets of properties held for sale 0  
Assets Held for Sale | Significant Other Observable Inputs (Level 2)    
Fair Value of Assets and Liabilities    
Assets of properties held for sale 51,293  
Assets Held for Sale | Significant Other Observable Inputs (Level 2) | Real Estate Dispositions    
Fair Value of Assets and Liabilities    
Impairment charges 27,340  
Costs to sell $ 2,128  
Assets Held for Sale | Significant Other Observable Inputs (Level 2) | Hotel | Real Estate Dispositions    
Fair Value of Assets and Liabilities    
Number of impaired properties | property 7  
Assets Held for Sale | Significant Other Observable Inputs (Level 2) | Net Lease | Real Estate Dispositions    
Fair Value of Assets and Liabilities    
Number of impaired properties | property 13  
Assets Held for Sale | Significant Unobservable Inputs (Level 3)    
Fair Value of Assets and Liabilities    
Assets of properties held for sale $ 2,765  
Assets Held for Sale | Significant Unobservable Inputs (Level 3) | Real Estate Dispositions    
Fair Value of Assets and Liabilities    
Impairment charges 755  
Costs to sell $ 200  
Assets Held for Sale | Significant Unobservable Inputs (Level 3) | Net Lease | Real Estate Dispositions    
Fair Value of Assets and Liabilities    
Number of impaired properties | property 8  
v3.26.1
Fair Value of Assets and Liabilities - Schedule of Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 5,041,769 $ 5,289,428
Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 5,070,155 5,299,362
Senior Unsecured Notes, due 2027 at 4.95%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 4.95%  
Senior Unsecured Notes, due 2027 at 4.95% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 99,836 399,164
Senior Unsecured Notes, due 2027 at 4.95% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 99,924 401,716
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 5.50%  
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 448,126 447,858
Senior Guaranteed Unsecured Notes, due 2027 at 5.50% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities 450,590 442,985
Senior Secured Notes, due 2027 at zero coupon | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities 511,956 501,256
Senior Secured Notes, due 2027 at zero coupon | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 527,825 524,263
Net Lease Mortgage Notes, due 2028 at 5.60%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 5.60%  
Net Lease Mortgage Notes, due 2028 at 5.60% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 580,911 578,368
Net Lease Mortgage Notes, due 2028 at 5.60% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 595,750 598,113
Senior Unsecured Notes, due 2028 at 3.95%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 3.95%  
Senior Unsecured Notes, due 2028 at 3.95% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 397,927 397,645
Senior Unsecured Notes, due 2028 at 3.95% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 382,512 377,596
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 8.375%  
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 0 686,738
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 0 703,780
Senior Unsecured Notes, due 2029 at 4.95%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 4.95%  
Senior Unsecured Notes, due 2029 at 4.95% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 422,252 422,056
Senior Unsecured Notes, due 2029 at 4.95% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 384,923 368,382
Senior Unsecured Notes, due 2030 at 4.375%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 4.375%  
Senior Unsecured Notes, due 2030 at 4.375% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 395,599 395,318
Senior Unsecured Notes, due 2030 at 4.375% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 355,208 338,932
Net Lease Mortgage Notes, due 2031 at 5.96%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 5.96%  
Net Lease Mortgage Notes, due 2031 at 5.96% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 722,548 0
Net Lease Mortgage Notes, due 2031 at 5.96% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 733,533 0
Senior Secured Notes, due 2031 at 8.625%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 8.625%  
Senior Secured Notes, due 2031 at 8.625% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 977,130 976,121
Senior Secured Notes, due 2031 at 8.625% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 1,044,320 1,050,370
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%    
Fair Value of Assets and Liabilities    
Interest rate (as percent) 8.875%  
Senior Guaranteed Unsecured Notes, due 2032 at 8.875% | Carrying Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 485,484 484,904
Senior Guaranteed Unsecured Notes, due 2032 at 8.875% | Fair Value    
Fair Value of Assets and Liabilities    
Total financial liabilities $ 495,570 $ 493,225