Real Estate Properties (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of allocation of purchase prices by location

Our allocation of the purchase price of each of our acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below.



Properties acquired during the year ended December 31, 2019 ⁽¹⁾
Acquisition Date	Location	Type	Purchase Price		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment		Held For Sale		Intangible Assets
2/22/2019	Washington, D.C. ⁽²⁾	Hotel	$	143,742	$	44,972	$	151	$	93,412	$	5,207	$	—	$	—
5/7/2019	Milwaukee, WI ⁽³⁾	Hotel	30,235		3,442		1,053		25,132		608		—		—
8/1/2019	Southington, CT ⁽⁴⁾	Land	66		66		—		—		—		—		—
9/20/2019	Various ⁽⁵⁾	Net Lease	2,482,382		388,057		—		1,201,922		—		604,989		287,414
10/9/2019	Chicago, IL ⁽⁶⁾	Hotel	55,560		7,723		—		45,059		2,778		—		—
			$	2,711,985	$	444,260	$	1,204	$	1,365,525	$	8,593	$	604,989	$	287,414
Properties acquired during the year ended December 31, 2018 ⁽¹⁾
6/15/2018	Minneapolis, MN ⁽⁷⁾	Hotel	$	75,576	$	2,196	$	—	$	68,388	$	4,992	$	—	$	—
6/15/2018	Baton Rouge, LA ⁽⁸⁾	Hotel	16,022		2,242		173		12,842		765		—		—
10/30/2018	Scottsdale, AZ ⁽⁹⁾	Hotel	35,999		6,450		833		25,898		2,818		—		—
			$	127,597	$	10,888	$	1,006	$	107,128	$	8,575	$	—	$	—
Properties acquired during the year ended December 31, 2017 ⁽¹⁾
2/1/2017	Chicago, IL ⁽¹⁰⁾	Hotel	$	86,201	$	13,609	$	40	$	58,929	$	11,926	$	—	$	1,697
3/31/2017	Seattle, WA ⁽¹¹⁾	Hotel	73,041		24,562		30		47,103		898		—		448
5/3/2017	Columbia, SC ⁽¹²⁾	Net Lease	27,604		4,040		7,172		16,392		—		—		—
6/2/2017	St. Louis, MO ⁽¹³⁾	Hotel	88,080		4,250		161		79,737		3,394		—		538
6/29/2017	Atlanta, GA ⁽¹⁴⁾	Hotel	88,748		16,612		483		68,864		2,789		—		—
8/1/2017	Columbus, OH ⁽¹⁵⁾	Hotel	49,188		6,100		49		40,678		2,361		—		—
8/23/2017	Charlotte, NC ⁽¹⁶⁾	Hotel	44,000		2,684		1,012		35,288		5,016		—		—
9/8/2017	Atlanta, GA ⁽¹⁷⁾	Land	940		940		—		—		—		—		—
9/26/2017	Various ⁽¹⁸⁾	Hotels	139,923		30,720		6,392		93,899		8,912		—		—
9/28/2017	Sayre, OK ⁽¹⁹⁾	Net Lease	8,672		1,031		—		7,641		—		—		—
			$	606,397	$	104,548	$	15,339	$	448,531	$	35,296	$	—	$	2,683


(1)	We accounted for these transactions as acquisitions of assets.


(2)	On February 22, 2019, we acquired the 335 room Hotel Palomar located in Washington, D.C. for a purchase price of $143,742, including capitalized acquisition costs of $2,292. We added this Kimpton^® branded hotel to our management agreement with IHG.


(3)	On May 7, 2019, we acquired the 198 room Crowne Plaza Milwaukee West hotel in Milwaukee, WI for a purchase price of $30,235, including capitalized acquisition costs of $235. We added this Crowne Plaza^®branded hotel to our management agreement with IHG.


(4)	On August 1, 2019, we acquired a land parcel adjacent to our travel center located in Southington, CT for a purchase price of $66, including capitalized acquisition costs of $6. This land parcel has been added to the TA lease for that travel center.


(5)	On September 20, 2019, we completed the SMTA Transaction for total consideration of $2,482,382. See below for further information regarding the SMTA Transaction.


(6)	On October 9, 2019, we acquired the 261-room Kimpton Palomar Hotel located in Chicago, IL for a purchase price of $55,560, including acquisition related costs of $560. We added this Kimpton® branded hotel to our management agreement with IHG.


(7)	On June 15, 2018, we acquired the 360 room Radisson Blu^® hotel in Minneapolis, MN for a purchase price of $75,576, including capitalized acquisition costs of $576. We added this hotel to our management agreement with Radisson.


(8)	On June 15, 2018, we acquired the 117 suite Staybridge Suites^® at Louisiana State University in Baton Rouge, LA for a purchase price of $16,022, including capitalized acquisition costs of $272. We added this hotel to our management agreement with IHG.


(9)	On October 30, 2018, we acquired a hotel with 164 suites in Scottsdale, AZ for a purchase price of $35,999, including capitalized acquisition costs of $114. We converted this hotel to the Sonesta Suites^® brand and entered into a management agreement for this hotel with Sonesta.


(10)	On February 1, 2017, we acquired the 483 room Hotel Allegro in Chicago, IL for a purchase price of $86,201, including capitalized acquisition costs of $707. We added this Kimpton^® branded hotel to our management agreement with IHG.


(11)	On March 31, 2017, we acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $73,041, including capitalized acquisition costs of $1,416. We added this Kimpton^® branded hotel to our management agreement with IHG.


(12)	On May 3, 2017, we acquired a travel center from TA for $27,604 pursuant to a transaction agreement we entered with TA in 2015. Simultaneously with this acquisition, we leased the travel center back to TA.


(13)	On June 2, 2017, we acquired the 389 room Chase Park Plaza Hotel in St. Louis, MO for a purchase price of $88,080, including capitalized acquisition costs of $466. We converted this hotel to the Royal Sonesta^® hotel brand and entered into a management agreement for this hotel with Sonesta.


(14)	On June 29, 2017, we acquired the 495 room Crowne Plaza Ravinia hotel located in Atlanta, GA for a purchase price of $88,748, including capitalized acquisition costs of $144. We added this Crowne Plaza^® branded hotel to our management agreement with IHG.


(15)	On August 1, 2017, we acquired the 419 room Crowne Plaza & Lofts hotel in Columbus, OH for a purchase price of $49,188, including capitalized acquisition costs of $198. We added this Crowne Plaza^® branded hotel to our management agreement with IHG.


(16)	On August 23, 2017, we acquired the 300 room Crowne Plaza hotel in Charlotte, NC for a purchase price of $44,000, including capitalized acquisition costs of $143. We added this Crowne Plaza^® branded hotel to our management agreement with IHG.


(17)	On September 8, 2017, we acquired a land parcel adjacent to our Crowne Plaza hotel located in Atlanta, GA for a purchase price of $940, including capitalized acquisition costs of $40.


(18)	On September 26, 2017, we acquired 14 extended stay hotels with 1,653 suites located in 12 states for a purchase price of $139,923, including capitalized acquisition costs of $1,923. In connection with this acquisition, we converted these hotels to the Sonesta ES Suites^® brand and entered into management agreements for these hotels with Sonesta.

(19)

On September 28, 2017, we acquired land and certain improvements at a travel center located in Sayre, OK that we previously leased from a third party and subleased to TA for a purchase price of $8,672, including capitalized acquisition costs of $72. We now directly lease this land and these improvements to TA under our TA No. 4 lease.

Schedule of sale of properties

The sales of these properties, as presented in the table below, do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of income.



Date of Sale	Number of Properties	Location	Tenant	Square Feet	Gross Sales Price
1/16/2019	20	Various ⁽¹⁾	TravelCenters	541,483	$	308,200
10/22/2019	1	4726 Mall Drive, Hermantown, MN ⁽²⁾	HOM Furniture	103,631	6,250
10/29/2019	1	1505 South Pavilion Center Drive Las Vegas, NV ⁽²⁾	Station Casino	138,558	57,000
11/14/2019	1	1855 S. Range Avenue, Colby, KS ⁽²⁾	Vacant	6,900	590
11/25/2019	123	Various ⁽²⁾	Various	2,429,333	435,104
12/16/2019	1	4740 Radio Road, Naples, FL 34110 ⁽²⁾	Rick Johnson Auto & Tire	4,480	1,112
12/16/2019	1	996 Central Avenue, Naples, FL 34102 ⁽²⁾	Rick Johnson Auto & Tire	4,500	706
12/30/2019	2	9032 & 9080 Harry Hines Boulevard, Dallas, TX ⁽²⁾	Pine Creek Medical Center	85,839	12,250
	150			3,314,724	$	821,212


(1)	In January 2019, in a series of transactions, we sold 20 travel centers in 15 states to TA for $308,200. We recorded a gain of $159,535 in 2019 as a result of these sales.

(2)

During 2019, we sold 130 net lease properties that we acquired in the SMTA Transaction in 28 states with 2,773,241 square feet and annual minimum rent of $43,180 for $513,012.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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