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Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Equity | Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares. Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of common shares are entitled to receive dividends when authorized by the Board of Trustees. Common Share Repurchase Programs On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $150.0 million of common shares. Under this program, the Company may repurchase common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Common shares repurchased by the Company cease to be outstanding and become authorized but unissued common shares. During the six months ended June 30, 2025, the Company repurchased 1,298,396 common shares for an aggregate purchase price of $14.3 million, or an average of approximately $11.04 per share. As of June 30, 2025, $116.6 million of common shares remained available for repurchase under this program. Common Dividends The Company declared the following dividends on common shares/units for the six months ended June 30, 2025:
Dividend per Share/Unit |  | For the Quarter Ended |  | Record Date |  | Payable Date
$ | 0.01 |  |  | March 31, 2025 |  | March 31, 2025 |  | April 15, 2025
$ | 0.01 |  |  | June 30, 2025 |  | June 30, 2025 |  | July 15, 2025
Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share ("preferred shares"). The following preferred shares were outstanding as of June 30, 2025 and December 31, 2024:
Security Type |  | June 30, 2025 |  | December 31, 2024
6.375% Series E |  | 4,400,000 |  |  | 4,400,000 |
6.30% Series F |  | 6,000,000 |  |  | 6,000,000 |
6.375% Series G |  | 9,200,000 |  |  | 9,200,000 |
5.70% Series H |  | 8,000,000 |  |  | 8,000,000 |
|  | 27,600,000 |  |  | 27,600,000 |
The Series E, Series F, Series G and Series H Cumulative Redeemable Preferred Shares (collectively, the "Preferred Shares") rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption. The Company may redeem the Series E and Series F Preferred Shares at any time. The Series G and Series H Preferred Shares may not be redeemed prior to May 13, 2026 and July 27, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after such dates, the Company may, at its option, redeem the Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American or Nasdaq, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of common shares based on defined formulas subject to share caps. The share cap on each Series E Preferred Share is 1.9372 common shares, on each Series F Preferred Share is 2.0649 common shares, on each Series G Preferred Share is 2.1231 common shares, and on each Series H Preferred Share is 2.2311 common shares. Preferred Share Repurchase Program On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $100.0 million of the Preferred Shares. Under the terms of the program, the Company may repurchase up to an aggregate of $100.0 million of its 6.375% Series E Cumulative Redeemable Preferred Shares, 6.30% Series F Cumulative Redeemable Preferred Shares, 6.375% Series G Cumulative Redeemable Preferred Shares and 5.70% Series H Cumulative Redeemable Preferred Shares from time to time in transactions on the open market or by private agreement. During the six months ended June 30, 2025, no Preferred Shares were repurchased under this program. As of June 30, 2025, $84.2 million of Preferred Shares remained available for repurchase under this program. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require the Company to repurchase any specific number of Preferred Shares. The program does not have an expiration date and may be suspended, modified or discontinued at any time. Preferred Dividends The Company declared the following dividends on preferred shares for the six months ended June 30, 2025:
Security Type |  | Dividend per Share/Unit |  | For the Quarter Ended |  | Record Date |  | Payable Date
6.375% Series E |  | $ | 0.40 |  |  | March 31, 2025 |  | March 31, 2025 |  | April 15, 2025
6.375% Series E |  | $ | 0.40 |  |  | June 30, 2025 |  | June 30, 2025 |  | July 15, 2025
6.30% Series F |  | $ | 0.39 |  |  | March 31, 2025 |  | March 31, 2025 |  | April 15, 2025
6.30% Series F |  | $ | 0.39 |  |  | June 30, 2025 |  | June 30, 2025 |  | July 15, 2025
6.375% Series G |  | $ | 0.40 |  |  | March 31, 2025 |  | March 31, 2025 |  | April 15, 2025
6.375% Series G |  | $ | 0.40 |  |  | June 30, 2025 |  | June 30, 2025 |  | July 15, 2025
5.70% Series H |  | $ | 0.36 |  |  | March 31, 2025 |  | March 31, 2025 |  | April 15, 2025
5.70% Series H |  | $ | 0.36 |  |  | June 30, 2025 |  | June 30, 2025 |  | July 15, 2025
Non-controlling Interest of Common Units in Operating Partnership Holders of Operating Partnership units ("OP units") have certain redemption rights that enable OP unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of common shares at the time of redemption or common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. On May 11, 2022, in connection with the acquisition of Inn on Fifth in Naples, Florida, the Company issued 16,291 OP units. As of June 30, 2025 and December 31, 2024, the Operating Partnership had 16,291 OP units held by third parties, excluding LTIP units. As of June 30, 2025, the Operating Partnership had two classes of long-term incentive partnership units ("LTIP units"), LTIP Class A units and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. On February 15, 2024, the Board of Trustees granted 136,353 LTIP Class B units to executive officers. On February 7, 2025, the Board of Trustees granted 159,594 LTIP Class B units to executive officers. As of June 30, 2025, the Operating Partnership had 1,154,431 LTIP units outstanding, of which 710,156 LTIP units have vested. As of December 31, 2024, the Operating Partnership had 994,837 LTIP units outstanding, of which 470,920 LTIP units have vested. Only vested LTIP units may be converted to OP units, which in turn can be tendered for redemption as described above. Non-controlling Interest of Preferred Units in Operating Partnership On May 11, 2022, in connection with the acquisition of Inn on Fifth, the Company issued 3,104,400 preferred units in the Operating Partnership, designated as 6.0% Series Z Cumulative Perpetual Preferred Units ("Series Z Preferred Units"). The Series Z Preferred Units rank senior to the OP units and on parity with the Operating Partnership's Series E, Series F, Series G and Series H Preferred Units. Holders of Series Z Preferred Units are entitled to receive quarterly distributions at an annual rate of 6.0% of the liquidation preference value of $25.00 per share. At any time, holders of Series Z Preferred Units may elect to convert some or all of their units into any other series of the Operating Partnership’s preferred units outstanding at that time. After the second anniversary of the issuance of the Series Z Preferred Units, holders may elect to redeem some or all of their units for, at the Company’s election, cash, common shares having an equivalent value or preferred shares on a one-for-one basis. After May 11, 2027, the Company may redeem the Series Z Preferred Units for cash, common shares having an equivalent value or preferred shares on a one-for-one basis. At any time following a change of control of the Company, holders of Series Z Preferred Units may elect to redeem some or all of their units for, at the Company’s election, cash or common shares having an equivalent value. As of June 30, 2025 and December 31, 2024, the Operating Partnership had 3,104,400 Series Z Preferred Units outstanding.

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