2019 Q4 Form 10-K Financial Statement

#000094539420000008 Filed on March 02, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $580.9M $2.316B $550.8M
YoY Change 5.47% 0.94% 2.93%
Cost Of Revenue $334.9M $1.411B $336.3M
YoY Change -0.42% 1.72% 7.1%
Gross Profit $246.0M $905.2M $214.5M
YoY Change 14.69% -0.25% -2.99%
Gross Profit Margin 42.35% 39.08% 38.94%
Selling, General & Admin $17.70M $54.60M $66.60M
YoY Change -73.42% -47.95% 35.09%
% of Gross Profit 7.2% 6.03% 31.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $126.7M $428.4M $102.8M
YoY Change 23.25% 6.29% 2.9%
% of Gross Profit 51.5% 47.33% 47.93%
Operating Expenses $148.4M $491.5M $169.3M
YoY Change -12.34% -3.23% 13.47%
Operating Profit $97.60M $413.7M $45.20M
YoY Change 115.93% 3.54% -37.13%
Interest Expense -$69.60M $225.1M -$154.4M
YoY Change -54.92% 15.32% 240.09%
% of Operating Profit -71.31% 54.41% -341.59%
Other Income/Expense, Net
YoY Change
Pretax Income -$13.10M $262.2M -$109.2M
YoY Change -88.0% 40.63% -513.64%
Income Tax $1.500M $2.793M -$800.0K
% Of Pretax Income 1.07%
Net Earnings -$14.89M $259.8M -$108.9M
YoY Change -86.32% 39.85% -445.09%
Net Earnings / Revenue -2.56% 11.21% -19.76%
Basic Earnings Per Share $1.58
Diluted Earnings Per Share -$90.63K $1.58 -$662.8K
COMMON SHARES
Basic Shares Outstanding 164.6M shares 164.3M shares 164.4M shares
Diluted Shares Outstanding 164.3M shares

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.60M $27.60M $26.00M
YoY Change 6.15% 6.15% 7.88%
Cash & Equivalents $27.63M $27.60M $25.97M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $68.70M $68.70M $91.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $96.30M $96.30M $117.2M
YoY Change -17.83% -17.83% 14.23%
LONG-TERM ASSETS
Property, Plant & Equipment $8.264B $8.264B $6.550B
YoY Change 26.18% 26.18% -1.41%
Goodwill
YoY Change
Intangibles $378.5M $105.7M
YoY Change 257.97% -2.35%
Long-Term Investments
YoY Change
Other Assets $141.1M $141.1M $50.00M
YoY Change 182.2% 182.2% -31.88%
Total Long-Term Assets $8.938B $8.938B $7.060B
YoY Change 26.6% 26.6% 0.17%
TOTAL ASSETS
Total Short-Term Assets $96.30M $96.30M $117.2M
Total Long-Term Assets $8.938B $8.938B $7.060B
Total Assets $9.034B $9.034B $7.177B
YoY Change 25.87% 25.87% 0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $356.1M $351.6M $274.2M
YoY Change 29.87% 28.84% 2.39%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $465.5M $461.0M $407.0M
YoY Change 14.37% 13.63% 3.33%
LONG-TERM LIABILITIES
Long-Term Debt $6.063B $6.063B $4.173B
YoY Change 45.29% 45.29% 4.29%
Other Long-Term Liabilities $4.500M
YoY Change 246.15%
Total Long-Term Liabilities $6.063B $6.067B $4.173B
YoY Change 45.29% 45.36% 4.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $465.5M $461.0M $407.0M
Total Long-Term Liabilities $6.063B $6.067B $4.173B
Total Liabilities $6.528B $6.528B $4.580B
YoY Change 42.55% 42.55% 4.2%
SHAREHOLDERS EQUITY
Retained Earnings $3.492B $3.232B
YoY Change 8.04% -2.36%
Common Stock $1.646M $1.644M
YoY Change 0.12% 0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.506B $2.506B $2.597B
YoY Change
Total Liabilities & Shareholders Equity $9.034B $9.034B $7.177B
YoY Change 25.87% 25.87% 0.37%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$14.89M $259.8M -$108.9M
YoY Change -86.32% 39.85% -445.09%
Depreciation, Depletion And Amortization $126.7M $428.4M $102.8M
YoY Change 23.25% 6.29% 2.9%
Cash From Operating Activities $185.2M $617.7M $193.6M
YoY Change -4.34% 3.48% 3.97%
INVESTING ACTIVITIES
Capital Expenditures -$133.5M -$2.864B -$104.1M
YoY Change 28.24% 821.99% 154.52%
Acquisitions
YoY Change
Other Investing Activities $461.0M $733.7M -$45.80M
YoY Change -1106.55% -726.02% 62.41%
Cash From Investing Activities $327.5M -$2.130B -$149.8M
YoY Change -318.62% 397.97% 116.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $800.0K
YoY Change 32.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -501.9M $1.518B -53.10M
YoY Change 845.2% -895.78% -50.47%
NET CHANGE
Cash From Operating Activities 185.2M $617.7M 193.6M
Cash From Investing Activities 327.5M -$2.130B -149.8M
Cash From Financing Activities -501.9M $1.518B -53.10M
Net Change In Cash 10.80M $5.256M -9.300M
YoY Change -216.13% -124.45% -193.94%
FREE CASH FLOW
Cash From Operating Activities $185.2M $617.7M $193.6M
Capital Expenditures -$133.5M -$2.864B -$104.1M
Free Cash Flow $318.7M $3.481B $297.7M
YoY Change 7.05% 283.61% 31.09%

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3169000 USD
CY2017 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
535000 USD
CY2017 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
9893000 USD
CY2017 us-gaap Dividends
Dividends
341519000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
2755422000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
185734000 USD
CY2018 svc Other Comprehensive Income Loss Net Of Tax Equity Interest In Investees Unrealized Gains Losses
OtherComprehensiveIncomeLossNetOfTaxEquityInterestInInvesteesUnrealizedGainsLosses
-68000 USD
CY2018 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
3781000 USD
CY2018 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
606000 USD
CY2018 us-gaap Dividends
Dividends
346832000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2597431000 USD
CY2019 us-gaap Net Income Loss
NetIncomeLoss
259750000 USD
CY2019 svc Other Comprehensive Income Loss Reclassification After Tax
OtherComprehensiveIncomeLossReclassificationAfterTax
175000 USD
CY2019 svc Other Comprehensive Income Loss Net Of Tax Equity Interest In Investees Unrealized Gains Losses
OtherComprehensiveIncomeLossNetOfTaxEquityInterestInInvesteesUnrealizedGainsLosses
91000 USD
CY2019 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
2857000 USD
CY2019 svc Stock Repurchased And Forfeitured During Period Value
StockRepurchasedAndForfeituredDuringPeriodValue
807000 USD
CY2019 us-gaap Dividends
Dividends
353619000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
2505878000 USD
CY2019 us-gaap Net Income Loss
NetIncomeLoss
259750000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
185734000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
215143000 USD
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
428448000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
403077000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
386659000 USD
CY2019 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
11117000 USD
CY2018 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
10177000 USD
CY2017 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
8871000 USD
CY2019 us-gaap Straight Line Rent
StraightLineRent
-10719000 USD
CY2018 us-gaap Straight Line Rent
StraightLineRent
12509000 USD
CY2017 us-gaap Straight Line Rent
StraightLineRent
12378000 USD
CY2019 svc Security Deposits Received Or Replenished Applied To Payment Shortfalls
SecurityDepositsReceivedOrReplenishedAppliedToPaymentShortfalls
-23549000 USD
CY2018 svc Security Deposits Received Or Replenished Applied To Payment Shortfalls
SecurityDepositsReceivedOrReplenishedAppliedToPaymentShortfalls
6740000 USD
CY2017 svc Security Deposits Received Or Replenished Applied To Payment Shortfalls
SecurityDepositsReceivedOrReplenishedAppliedToPaymentShortfalls
36743000 USD
CY2019 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-8451000 USD
CY2018 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-160000 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-146000 USD
CY2019 us-gaap Asset Impairment Charges
AssetImpairmentCharges
39296000 USD
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2018 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-6200000 USD
CY2019 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
11385000 USD
CY2017 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2019 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-40461000 USD
CY2018 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-16737000 USD
CY2017 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
0 USD
CY2019 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
393000 USD
CY2018 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
515000 USD
CY2017 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
607000 USD
CY2019 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
2423000 USD
CY2018 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
0 USD
CY2017 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
0 USD
CY2019 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
159535000 USD
CY2018 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 USD
CY2017 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
9348000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-127000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1047000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-236000 USD
CY2019 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
614000 USD
CY2018 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2713000 USD
CY2017 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3233000 USD
CY2019 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-3272000 USD
CY2018 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
572000 USD
CY2017 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
1215000 USD
CY2017 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
13117000 USD
CY2019 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
60484000 USD
CY2018 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
5824000 USD
CY2017 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-572000 USD
CY2019 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-51096000 USD
CY2018 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-20340000 USD
CY2017 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
21639000 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
617722000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
596953000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
628495000 USD
CY2019 svc Paymentsto Acquire Real Estate Netof Deposits
PaymentstoAcquireRealEstateNetofDeposits
2713191000 USD
CY2018 svc Paymentsto Acquire Real Estate Netof Deposits
PaymentstoAcquireRealEstateNetofDeposits
127703000 USD
CY2017 svc Paymentsto Acquire Real Estate Netof Deposits
PaymentstoAcquireRealEstateNetofDeposits
594693000 USD
CY2019 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
150531000 USD
CY2018 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
182862000 USD
CY2017 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
131120000 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
606000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
533000 USD
CY2019 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
CY2018 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
CY2017 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6601000 USD
CY2019 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
353619000 USD
CY2019 svc Property Managers Purchases With Restricted Cash
PropertyManagersPurchasesWithRestrictedCash
208241000 USD
CY2018 svc Property Managers Purchases With Restricted Cash
PropertyManagersPurchasesWithRestrictedCash
135177000 USD
CY2017 svc Property Managers Purchases With Restricted Cash
PropertyManagersPurchasesWithRestrictedCash
92733000 USD
CY2019 svc Property Managers Deposit Of Insurance Proceeds Into Restricted Cash
PropertyManagersDepositOfInsuranceProceedsIntoRestrictedCash
25000000 USD
CY2018 svc Property Managers Deposit Of Insurance Proceeds Into Restricted Cash
PropertyManagersDepositOfInsuranceProceedsIntoRestrictedCash
18000000 USD
CY2017 svc Property Managers Deposit Of Insurance Proceeds Into Restricted Cash
PropertyManagersDepositOfInsuranceProceedsIntoRestrictedCash
0 USD
CY2019 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
816450000 USD
CY2018 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2017 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
23438000 USD
CY2019 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
93892000 USD
CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2017 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2019 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
6577000 USD
CY2018 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
CY2017 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2130044000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-427742000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-795108000 USD
CY2019 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
1693879000 USD
CY2018 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
389976000 USD
CY2017 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
989890000 USD
CY2019 us-gaap Maturities Of Senior Debt
MaturitiesOfSeniorDebt
0 USD
CY2018 us-gaap Maturities Of Senior Debt
MaturitiesOfSeniorDebt
0 USD
CY2017 us-gaap Maturities Of Senior Debt
MaturitiesOfSeniorDebt
350000000 USD
CY2019 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
0 USD
CY2018 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
0 USD
CY2017 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
-290000000 USD
CY2019 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
CY2018 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
CY2017 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
8478000 USD
CY2019 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1124000000 USD
CY2018 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
517000000 USD
CY2017 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1102000000 USD
CY2019 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
924000000 USD
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
738000000 USD
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
895000000 USD
CY2019 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
21882000 USD
CY2018 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
12242000 USD
CY2017 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8437000 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
800000 USD
CY2018 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
346832000 USD
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
340084000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1517578000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-190704000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
192757000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5256000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-21493000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26144000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76003000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97496000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71352000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81259000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76003000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97496000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27633000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25966000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24139000 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
53626000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
50037000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
73357000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81259000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76003000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97496000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
191155000 USD
CY2018 us-gaap Interest Paid Net
InterestPaidNet
174158000 USD
CY2017 us-gaap Interest Paid Net
InterestPaidNet
172558000 USD
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
2927000 USD
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
3218000 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
2827000 USD
CY2019Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
816 retail_property
CY2019Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
816 retail_property
CY2019Q4 svc Number Of Tenants
NumberOfTenants
194 tenant
CY2018 svc Finite Lived Intangible Liabilities Amortization Expense
FiniteLivedIntangibleLiabilitiesAmortizationExpense
455000 USD
CY2019Q4 svc Ownership Percentage Held In Subsidiary
OwnershipPercentageHeldInSubsidiary
1
CY2019Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
31920000 USD
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
31917000 USD
CY2019Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
138708000 USD
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
148459000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
378546000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
105749000 USD
CY2019Q4 svc Finite Lived Intangible Liabilities Net
FiniteLivedIntangibleLiabilitiesNet
4509000 USD
CY2018Q4 svc Finite Lived Intangible Liabilities Net
FiniteLivedIntangibleLiabilitiesNet
1301000 USD
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1757000 USD
CY2018 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2542000 USD
CY2017 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2814000 USD
CY2019 svc Finite Lived Intangible Liabilities Amortization Expense
FiniteLivedIntangibleLiabilitiesAmortizationExpense
441000 USD
CY2019Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Gross
DebtIssuanceCostsLineOfCreditArrangementsGross
4212000 USD
CY2018Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Gross
DebtIssuanceCostsLineOfCreditArrangementsGross
6822000 USD
CY2019Q4 us-gaap Accumulated Amortization Of Debt Issuance Costs Line Of Credit Arrangements
AccumulatedAmortizationOfDebtIssuanceCostsLineOfCreditArrangements
2610000 USD
CY2018Q4 us-gaap Accumulated Amortization Of Debt Issuance Costs Line Of Credit Arrangements
AccumulatedAmortizationOfDebtIssuanceCostsLineOfCreditArrangements
1005000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
31065000 USD
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
22243000 USD
CY2019Q4 svc Future Amortization Of Financing Costs Year One
FutureAmortizationOfFinancingCostsYearOne
7727000 USD
CY2019Q4 svc Future Amortization Of Financing Costs Year Two
FutureAmortizationOfFinancingCostsYearTwo
7173000 USD
CY2019Q4 svc Future Amortization Of Financing Costs Year Three
FutureAmortizationOfFinancingCostsYearThree
6335000 USD
CY2019Q4 svc Future Amortization Of Financing Costs Year Four
FutureAmortizationOfFinancingCostsYearFour
4529000 USD
CY2019Q4 svc Future Amortization Of Financing Costs Year Five
FutureAmortizationOfFinancingCostsYearFive
3369000 USD
CY2019Q4 svc Future Amortization Of Financing Costs After Year Five
FutureAmortizationOfFinancingCostsAfterYearFive
6144000 USD
CY2019Q4 svc Future Amortization Of Financing Costs
FutureAmortizationOfFinancingCosts
35277000 USD
CY2019 svc Proceeds From Equity Method Investments Distribution Including Return Of Capital
ProceedsFromEquityMethodInvestmentsDistributionIncludingReturnOfCapital
9000000 USD
CY2019 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-10719000 USD
CY2018 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
12509000 USD
CY2017 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
12378000 USD
CY2019Q4 svc Straight Line Rent Receivables
StraightLineRentReceivables
1897000 USD
CY2018Q4 svc Straight Line Rent Receivables
StraightLineRentReceivables
3073000 USD
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:16px;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates.</span><span style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of real estate and impairment of long lived assets.</span></div>
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164312000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164229000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164146000 shares
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
28000 shares
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
29000 shares
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
29000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164340000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164258000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164175000 shares
CY2019Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
816 retail_property
CY2019Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
14900000 sqft
CY2019Q4 svc Real Estate Investment Property And Real Estate Heldforsale At Cost
RealEstateInvestmentPropertyAndRealEstateHeldforsaleAtCost
11472529000 USD
CY2019Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
87493000 USD
CY2019Q4 us-gaap Land
Land
2066602000 USD
CY2019Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
8731002000 USD
CY2019Q4 svc Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
587432000 USD
CY2018Q4 us-gaap Land
Land
1626239000 USD
CY2018Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7194758000 USD
CY2018Q4 svc Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
701976000 USD
CY2019 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
2711985000 USD
CY2019Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Land
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
444260000 USD
CY2019Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Land Improvements
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLandImprovements
1204000 USD
CY2019Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Building And Improvements
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingAndImprovements
1365525000 USD
CY2019Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Furniture Fixtures And Equipment
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFurnitureFixturesAndEquipment
8593000 USD
CY2019Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Held For Sale
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedHeldForSale
604989000 USD
CY2019Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssets
287414000 USD
CY2018 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
127597000 USD
CY2018Q4 svc Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Land
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<div style="line-height:120%;padding-bottom:16px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Note 8. Business and Property Management Agreements with RMR LLC</span></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We have </span><span style="font-family:inherit;font-size:10pt;"><span>no</span></span><span style="font-family:inherit;font-size:10pt;"> employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have </span><span style="font-family:inherit;font-size:10pt;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;"> agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which currently relates to our property level operations of our net lease portfolio, excluding properties leased to TA, and the office building component of one of our hotels. See Note </span><span style="font-family:inherit;font-size:10pt;">9</span><span style="font-family:inherit;font-size:10pt;"> for further information regarding our relationship, agreements and transactions with RMR LLC.</span></div><div style="line-height:120%;padding-bottom:8px;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Management Agreements with RMR LLC. </span><span style="font-family:inherit;font-size:10pt;">Our management agreements with RMR LLC provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms:</span></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Base Management Fee</span><span style="font-family:inherit;font-size:10pt;">. The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of:</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">the sum of (a) </span><span style="font-family:inherit;font-size:10pt;"><span>0.7%</span></span><span style="font-family:inherit;font-size:10pt;"> of the average aggregate historical cost of our real estate investments up to </span><span style="font-family:inherit;font-size:10pt;"><span>$250,000</span></span><span style="font-family:inherit;font-size:10pt;">, plus (b) </span><span style="font-family:inherit;font-size:10pt;"><span>0.5%</span></span><span style="font-family:inherit;font-size:10pt;"> of the average aggregate historical cost of our real estate investments exceeding </span><span style="font-family:inherit;font-size:10pt;"><span>$250,000</span></span><span style="font-family:inherit;font-size:10pt;">; and</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">the sum of (a) </span><span style="font-family:inherit;font-size:10pt;"><span>0.7%</span></span><span style="font-family:inherit;font-size:10pt;"> of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded, during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to </span><span style="font-family:inherit;font-size:10pt;"><span>$250,000</span></span><span style="font-family:inherit;font-size:10pt;">, plus (b) </span><span style="font-family:inherit;font-size:10pt;"><span>0.5%</span></span><span style="font-family:inherit;font-size:10pt;"> of our Average Market Capitalization exceeding </span><span style="font-family:inherit;font-size:10pt;"><span>$250,000</span></span><span style="font-family:inherit;font-size:10pt;">.</span></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:72px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves.</span></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Incentive Management Fee</span><span style="font-family:inherit;font-size:10pt;">. The incentive management fee which may be earned by RMR LLC for an annual period is calculated as follows:</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">An amount, subject to a cap based on the value of our common shares outstanding, equal to </span><span style="font-family:inherit;font-size:10pt;"><span>12%</span></span><span style="font-family:inherit;font-size:10pt;"> of the product of:</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:96px;"><span style="font-family:inherit;font-size:10pt;">-</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:96px;"><span style="font-family:inherit;font-size:10pt;">-</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the SNL U.S. REIT Hotel Index, or the benchmark return per share, for the relevant measurement period.</span></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:72px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the </span><span style="font-family:inherit;font-size:10pt;"><span>10</span></span><span style="font-family:inherit;font-size:10pt;"> consecutive trading days having the highest average closing prices during the final </span><span style="font-family:inherit;font-size:10pt;"><span>30</span></span><span style="font-family:inherit;font-size:10pt;"> trading days in the last year of the measurement period.</span></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if additional common shares are issued, or if we repurchase our common shares during the measurement period.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">No incentive management fee is payable by us unless our total return per share during the measurement period is positive.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">If our total return per share exceeds </span><span style="font-family:inherit;font-size:10pt;"><span>12%</span></span><span style="font-family:inherit;font-size:10pt;"> per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the SNL U.S. REIT Hotel Index for such measurement period and </span><span style="font-family:inherit;font-size:10pt;"><span>12%</span></span><span style="font-family:inherit;font-size:10pt;"> per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between </span><span style="font-family:inherit;font-size:10pt;">200</span><span style="font-family:inherit;font-size:10pt;"> basis points and </span><span style="font-family:inherit;font-size:10pt;">500</span><span style="font-family:inherit;font-size:10pt;"> basis points below the SNL U.S. REIT Hotel Index by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than </span><span style="font-family:inherit;font-size:10pt;">500</span><span style="font-family:inherit;font-size:10pt;"> basis points below the SNL U.S. REIT Hotel Index.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent </span><span style="font-family:inherit;font-size:10pt;"><span>1.5%</span></span><span style="font-family:inherit;font-size:10pt;"> of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the </span><span style="font-family:inherit;font-size:10pt;"><span>10</span></span><span style="font-family:inherit;font-size:10pt;"> consecutive trading days having the highest average closing prices during the final </span><span style="font-family:inherit;font-size:10pt;"><span>30</span></span><span style="font-family:inherit;font-size:10pt;"> trading days of the relevant measurement period.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><span style="font-family:inherit;font-size:10pt;">◦</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Incentive management fees we paid to RMR LLC for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR LLC and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements.</span></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of </span><span style="font-family:inherit;font-size:10pt;"><span>$41,607</span></span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;"><span>$39,942</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$40,694</span></span><span style="font-family:inherit;font-size:10pt;"> for the years ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;">, respectively. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income for these periods. The net business management fees we recognized for each of the years ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;"> reflect a reduction of </span><span style="font-family:inherit;font-size:10pt;"><span>$3,585</span></span><span style="font-family:inherit;font-size:10pt;"> for each of those years for the amortization of the liability we recorded in connection with our prior investment in RMR Inc., as further described in Note </span><span style="font-family:inherit;font-size:10pt;">9</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to our business management agreement, in January </span><span style="font-family:inherit;font-size:10pt;">2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;">, we paid RMR LLC an incentive management fee of </span><span style="font-family:inherit;font-size:10pt;"><span>$53,635</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$74,753</span></span><span style="font-family:inherit;font-size:10pt;"> for the years ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;">, respectively. We did not incur an incentive management fee payable to RMR LLC for the year ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span><span style="font-family:inherit;font-size:10pt;">. In calculating the incentive management fee payable by us, our total shareholder return per share was adjusted in accordance with the business management agreement to reflect aggregate net increases in the number of our common shares outstanding as a result of certain share issuances and repurchases by us during the three year measurement period. In addition, the calculation of our benchmark return per share was also adjusted for these issuances and repurchases in accordance with the business management agreement.</span></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><span style="font-family:inherit;font-size:10pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Property Management and Construction Supervision Fees. </span><span style="font-family:inherit;font-size:10pt;">The property management fees payable to RMR LLC by us for each applicable period are equal to </span><span style="font-family:inherit;font-size:10pt;"><span>3.0%</span></span><span style="font-family:inherit;font-size:10pt;"> of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to </span><span style="font-family:inherit;font-size:10pt;"><span>5.0%</span></span><span style="font-family:inherit;font-size:10pt;"> of construction costs for our net lease portfolio, excluding properties leased to TA, and the office building component of one of our hotels that are subject to our property management agreement with RMR LLC.</span></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of </span><span style="font-family:inherit;font-size:10pt;"><span>$1,399</span></span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;"><span>$64</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$45</span></span><span style="font-family:inherit;font-size:10pt;"> for the years ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;">, respectively. These amounts are included in hotel operating expenses in our consolidated statements of comprehensive income.</span></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Expense Reimbursement. </span><span style="font-family:inherit;font-size:10pt;">We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC employees assigned to work exclusively or partly at our net lease properties (excluding properties leased to TA), and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function, and as otherwise agreed. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC </span><span style="font-family:inherit;font-size:10pt;"><span>$620</span></span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;"><span>$399</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$482</span></span><span style="font-family:inherit;font-size:10pt;"> for these expenses and costs for the years ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;">, respectively. We included these amounts in other operating expenses and selling, general and administrative expense, as applicable, for these periods.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Term. </span><span style="font-family:inherit;font-size:10pt;">Our management agreements with RMR LLC have terms that end on December 31, 2039, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Termination Rights</span><span style="font-family:inherit;font-size:10pt;">. We have the right to terminate one or both of our management agreements with RMR LLC: (i) at any time on </span><span style="font-family:inherit;font-size:10pt;"><span>60</span></span><span style="font-family:inherit;font-size:10pt;"> days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within </span><span style="font-family:inherit;font-size:10pt;"><span>60</span></span><span style="font-family:inherit;font-size:10pt;"> days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the </span><span style="font-family:inherit;font-size:10pt;"><span>12 months</span></span><span style="font-family:inherit;font-size:10pt;"> following a change of control of RMR LLC, as defined therein. RMR LLC has the right to terminate the management agreements for good reason, as defined therein.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Termination Fee</span><span style="font-family:inherit;font-size:10pt;">. If we terminate one or both of our management agreements with RMR LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between </span><span style="font-family:inherit;font-size:10pt;"><span>19</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>20</span></span><span style="font-family:inherit;font-size:10pt;"> years. If we terminate one or both of our management agreements with RMR LLC for a performance reason, we have agreed to pay RMR LLC the termination fee calculated as described above, but assuming a </span><span style="font-family:inherit;font-size:10pt;"><span>10</span></span><span style="font-family:inherit;font-size:10pt;"> year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR LLC for cause or as a result of a change of control of RMR LLC.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Transition Services.</span><span style="font-family:inherit;font-size:10pt;"> RMR LLC has agreed to provide certain transition services to us for </span><span style="font-family:inherit;font-size:10pt;"><span>120 days</span></span><span style="font-family:inherit;font-size:10pt;"> following an applicable termination by us or notice of termination by RMR LLC, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Vendors. </span><span style="font-family:inherit;font-size:10pt;">Pursuant to our management agreements with RMR LLC, RMR LLC may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR LLC and other companies to which RMR LLC or its subsidiaries provides management services for the purpose of obtaining more favorable terms from such vendors and suppliers.</span></div></td></tr></table><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;">•</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Investment Opportunities</span><span style="font-family:inherit;font-size:10pt;">. Under our business management agreement with RMR LLC, we acknowledge that RMR LLC may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR LLC.</span></div>
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CY2018Q4 us-gaap Assets
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CY2017 svc Real Estate Acquisitions And Capital Expenditures
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CY2017 us-gaap Interest And Other Income
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CY2017Q4 us-gaap Assets
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CY2019Q4 svc Numberof Real Estate Properties To Be Sold Or Rebranded
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19 property
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CY2019 svc Personal Property Excluded From Real Estate Gross
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CY2018Q4 us-gaap Real Estate Gross At Carrying Value
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CY2017Q4 us-gaap Real Estate Gross At Carrying Value
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324227000 USD
CY2018 svc Sec Schedule1228 Real Estate Companies Investment In Real Estate Reclassifications Of Properties Held For Sale
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219865000 USD
CY2017 svc Sec Schedule1228 Real Estate Companies Investment In Real Estate Reclassifications Of Properties Held For Sale
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CY2018Q4 us-gaap Real Estate Accumulated Depreciation
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CY2017Q4 us-gaap Real Estate Accumulated Depreciation
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CY2016Q4 us-gaap Real Estate Accumulated Depreciation
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2176537000 USD
CY2019 svc Sec Schedule1228 Real Estate Companies Investment In Real Estate Reclassifications Of Properties Held For Sale
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87493000 USD
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
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305441000 USD
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
304224000 USD
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
278353000 USD
CY2019 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
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28617000 USD
CY2018 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
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62923000 USD
CY2017 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
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45474000 USD
CY2019 svc Sec Schedule1228 Real Estate Companies Investment In Real Estate Accumulated Depreciation Reclassification Of Properties Held For Sale
SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassificationOfPropertiesHeldForSale
0 USD
CY2018 svc Sec Schedule1228 Real Estate Companies Investment In Real Estate Accumulated Depreciation Reclassification Of Properties Held For Sale
SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassificationOfPropertiesHeldForSale
76420000 USD
CY2017 svc Sec Schedule1228 Real Estate Companies Investment In Real Estate Accumulated Depreciation Reclassification Of Properties Held For Sale
SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationReclassificationOfPropertiesHeldForSale
0 USD
CY2019Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
8414576000 USD

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