XML 55 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Indebtedness - Narrative (Details)
3 Months Ended 9 Months Ended
Jun. 29, 2023
USD ($)
extensionOption
Feb. 10, 2023
USD ($)
property
Sep. 30, 2023
USD ($)
hotel
property
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
hotel
property
Sep. 30, 2022
USD ($)
Jun. 28, 2023
USD ($)
Mar. 08, 2023
USD ($)
Dec. 31, 2022
USD ($)
Indebtedness                  
Senior unsecured notes, net     $ 5,164,302,000   $ 5,164,302,000       $ 5,655,530,000
Revolving credit facility     0   0        
Loss on early extinguishment of debt     $ 0 $ 0 282,000 $ 791,000      
Senior Unsecured Notes, due 2023 at 4.50%                  
Indebtedness                  
Loss on early extinguishment of debt         $ 44,000        
Interest rate, stated percentage (in percent)     4.50%   4.50%       4.50%
Senior notes               $ 500,000,000  
Senior unsecured notes                  
Indebtedness                  
Senior unsecured notes, net     $ 5,200,000,000   $ 5,200,000,000        
Senior unsecured notes | Senior Unsecured Notes, due 2023 at 4.50%                  
Indebtedness                  
Interest rate, stated percentage (in percent)               4.50%  
Net Lease Mortgage Notes, due 2028 at 5.60%                  
Indebtedness                  
Principal amount   $ 610,200,000 609,058,000   609,058,000        
Proceeds from debt   $ 550,564,000              
Redemption period   24 months              
Debt instrument, collateral properties | property   308              
Operating agreement annual rent and return   $ 65,137,000              
Gross book value   $ 754,966,000              
Net Lease Mortgage Notes, due 2028 at 5.60% | Coupon Rate 5.15%                  
Indebtedness                  
Principal amount     $ 304,110,000   $ 304,110,000        
Debt instrument, monthly redemption price, percentage (in percent)   0.50%              
Interest rate, stated percentage (in percent)     5.15%   5.15%        
Net Lease Mortgage Notes, due 2028 at 5.60% | Coupon Rate 5.55%                  
Indebtedness                  
Principal amount     $ 172,748,000   $ 172,748,000        
Debt instrument, monthly redemption price, percentage (in percent)   0.25%              
Interest rate, stated percentage (in percent)     5.55%   5.55%        
Revolving credit facility                  
Indebtedness                  
Revolving credit facility     $ 0   $ 0        
Revolving credit facility, maximum borrowing capacity $ 650,000,000           $ 800,000,000    
Number of extension options | extensionOption 2                
Extension term 6 months                
Collateral properties with first mortgage liens | property     69   69        
Collateral to secure debt     $ 1,544,227,000   $ 1,544,227,000        
Weighted average annual interest rate (in percent)       4.37% 7.93% 3.36%      
Loss on early extinguishment of debt         $ 238,000        
Revolving credit facility | Hotels                  
Indebtedness                  
Collateral properties with first mortgage liens | hotel     66   66        
Revolving credit facility | Net Lease Property                  
Indebtedness                  
Collateral properties with first mortgage liens | property     3   3        
Revolving credit facility | Secured Overnight Financing Rate (SOFR)                  
Indebtedness                  
Leverage ratio limit     2.50%   2.50%        
Revolving credit facility | Minimum                  
Indebtedness                  
Credit facility fee percentage (in percent)         0.20%        
Revolving credit facility | Minimum | Secured Overnight Financing Rate (SOFR)                  
Indebtedness                  
Basis spread on variable rate (in percent)         1.50%        
Revolving credit facility | Maximum                  
Indebtedness                  
Credit facility fee percentage (in percent)         0.30%        
Revolving credit facility | Maximum | Secured Overnight Financing Rate (SOFR)                  
Indebtedness                  
Basis spread on variable rate (in percent)         3.00%