CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025		Dec. 31, 2024
Real estate properties:
Land	$ 1,735,709		$ 1,930,459
Buildings, improvements and equipment	6,115,921		7,682,885
Total real estate properties, gross	7,851,630		9,613,344
Accumulated depreciation	(2,400,670)		(3,238,636)
Total real estate properties, net	5,450,960		6,374,708
Acquired real estate leases and other intangibles, net	100,481		107,956
Assets of properties held for sale	849,100		43,101
Cash and cash equivalents	63,176		143,482
Restricted cash	22,855	[1]	13,904
Equity method investment	111,653		115,818
Due from related persons	29,219		3,911
Other assets, net	305,068		316,678
Total assets	6,932,512		7,119,558
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unsecured debt, net	4,026,768		4,020,347
Secured debt, net	1,692,494		1,690,356
Liabilities of properties held for sale	6,543		342
Total liabilities	6,236,568		6,267,685
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 166,860,830 and 166,636,537 shares issued and outstanding, respectively	1,669		1,666
Additional paid in capital	4,562,021		4,560,334
Cumulative other comprehensive income	2,173		1,865
Cumulative net income	2,040,380		2,194,974
Cumulative common distributions	(5,910,299)		(5,906,966)
Total shareholders’ equity	695,944		851,873
Total liabilities and shareholders’ equity	6,932,512		7,119,558
Nonrelated Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	496,822		532,522
Related Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	$ 13,941		$ 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.