Experiential Lodging

As consumer dollars continue to shift from possessions to experiences and travel, experiential lodging is proving to be a durable category in the industry.

7

Properties

4%

Annualized Adjusted Revenue*

2

Operators

Experiential lodging meets the broad needs of consumers by providing a convenient, central location that combines high-quality lodging amenities with entertainment, recreation or leisure activities. Our investments in this category are rooted in our history of financing proven lodging concepts accompanied by a wide array of experiential activities from ski parks to waterparks to hot springs.

By offering more than the standard lodging destination, these concepts provide an added incentive as consumers opt for distinctive, curated experiences. The appeal of these properties is far-reaching and can often attract multiple generations at once. As consumers continue to prioritize unique and convenient experiences, operators will continue to look for ways to integrate experiential elements into their properties.

*Annualized Adjusted Revenue (a non-GAAP financial measure) is Total Revenue for the quarter ended September 30, 2019, excluding public charter school total revenue, other income and pass through revenues, further adjusted for in-service projects and percentage rent and participating interest. This number is then multiplied by four to get an annual amount. See reconciliation of Annualized Adjusted Revenue to Total Revenue on Slide 17 in the Charter School Transaction Presentation in the Investor Center.