CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Real estate properties:
Land	$ 1,733,591		$ 1,930,459
Buildings, improvements and equipment	6,133,031		7,682,885
Total real estate properties, gross	7,866,622		9,613,344
Accumulated depreciation	(2,392,767)		(3,238,636)
Total real estate properties, net	5,473,855		6,374,708
Acquired real estate leases and other intangibles, net	102,855		107,956
Assets of properties held for sale	871,464		43,101
Cash and cash equivalents	80,147		143,482
Restricted cash	13,947	[1]	13,904
Equity method investment	112,024		115,818
Due from related persons	19,908		3,911
Other assets, net	301,879		316,678
Total assets	6,976,079		7,119,558
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured debt, net	4,023,554		4,020,347
Secured debt, net	1,638,848		1,690,356
Liabilities of properties held for sale	8,900		342
Total liabilities	6,241,506		6,267,685
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 166,646,721 and 166,636,537 shares issued and outstanding, respectively	1,666		1,666
Additional paid in capital	4,560,982		4,560,334
Cumulative other comprehensive income	2,018		1,865
Cumulative net income	2,078,539		2,194,974
Cumulative common distributions	(5,908,632)		(5,906,966)
Total shareholders’ equity	734,573		851,873
Total liabilities and shareholders’ equity	6,976,079		7,119,558
Nonrelated Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	556,167		532,522
Related Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	$ 14,037		$ 24,118

[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.