Investments (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):

	June 30, 2025			December 31, 2024
Building and building improvements	$	16,407,185		$	16,614,464
Land and land improvements		2,822,209			2,965,720
Furniture, fixtures and equipment		270,596			272,521
Right-of-use asset - operating lease(1)		105,230			105,230
Total		19,605,220			19,957,935
Accumulated depreciation and amortization		(2,396,207	)		(2,127,681	)
Investments in real estate, net	$	17,209,013		$	17,830,254

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(1)Refer to Note 14 for additional details on the Company’s leases.

Schedule of Assets and Liabilities Investments in Real Estate Classified as Held-for-Sale

The following table details the assets and liabilities of the Company’s investments in real estate classified as held-for-sale ($ in thousands):

	June 30, 2025		December 31, 2024
Assets:
Investments in real estate, net	$	—	$	679,121
Other assets		—		6,553
Total assets	$	—	$	685,674
Liabilities:
Mortgage notes, net	$	—	$	12,602
Other liabilities		—		5,655
Total liabilities	$	—	$	18,257

Schedule of Equity Investment In Unconsolidated Entities

The following table details the Company’s equity investments in unconsolidated real estate ventures ($ in thousands):

Investments in Unconsolidated Real Estate Ventures	Segment	Date Acquired	Number of Properties	Ownership Interest	June 30, 2025		December 31, 2024
Extended Stay Portfolio	Other	July 2022	196	45%	$	312,596	$	411,309
Fort Lauderdale Hotel	Other	March 2019	1	43%		9,628		9,552
Total investments in unconsolidated real estate ventures					$	322,224	$	420,861

Schedule of Income (Loss) From Unconsolidated Entities

The following table details the Company’s (loss) income from equity investments in unconsolidated real estate ventures ($ in thousands):

		Three Months Ended June 30,						Six Months Ended June 30,
Investments in Unconsolidated Real Estate Ventures	Segment	2025			2024			2025			2024
Extended Stay Portfolio	Other	$	(4,255	)	$	(1,517	)	$	(6,429	)	$	(6,572	)
Fort Lauderdale Hotel	Other		(270	)		(188	)		75			899
Total loss from unconsolidated real estate ventures		$	(4,525	)	$	(1,705	)	$	(6,354	)	$	(5,673	)