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Preferred Stock (Tables) | 12 Months Ended
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Dec. 31, 2021
Temporary Equity Disclosure [Abstract] |
Summary of the Activity of Temporary Equity | A summary of the activity of the units in our operating partnership is as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Units outstanding at beginning of year | 4,277 |  |  | 4,538 |  |  | 4,833 |
LTIP units issued | 469 |  |  | 129 |  |  | 91 |
Performance LTIP units issued | 840 |  |  | 160 |  |  | 60 |
Common units issued for hotel acquisition | 2,500 |  |  | — |  |  | — |
Units redeemed for shares of common stock | (868) |  |  | (339) |  |  | (165) |
Performance LTIP units cancelled | (60) |  |  | (211) |  |  | (281) |
Units outstanding at end of year | 7,158 |  |  | 4,277 |  |  | 4,538 |
Units convertible/redeemable at end of year | 5,533 |  |  | 3,823 |  |  | 4,027 |
The issuance activity is summarized below (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Series B Convertible Preferred Stock shares issued |  |  |  |  | — |  |  | 23 |  |  | 42 |
Gross proceeds received |  |  |  |  | $ | — |  |  | $ | 439 |  |  | $ | 809 |
Commissions |  |  |  |  | — |  |  | 7 |  |  | 12 |
Net proceeds |  |  |  |  | $ | — |  |  | $ | 432 |  |  | $ | 797 |
The following table summarizes dividends declared (in thousands):
|  |  | Year Ended December 31, |
|  |  |  |  | 2021 |  | 2020 |  | 2019 |
Series B Convertible Preferred Stock |  |  |  |  | $ | 4,747 |  |  | $ | 6,919 |  |  | $ | 6,842 |  |
The issuance activity of the Series E Preferred Stock is summarized below (in thousands):
|  |  |  | Year Ended December 31, |  |  |  |
|  |  |  | 2021 |  |  |  |
Series E Preferred Stock shares issued (1) |  |  |  | 1,709 |  |  |  |  |
Net proceeds |  |  |  | $ | 38,450 |  |  |  |  |
__________________ (1)Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands):
| December 31, 2021 |  | December 31, 2020
Series E Preferred Stock | $ | 39,339 |  |  | $ | — |
Adjustments to Series E Preferred Stock (1) | $ | 3,128 |  |  | $ | — |
________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands):
|  |  | Year Ended December 31, |  |  |  |
|  |  |  | 2021 |  |  |  |
Series E Preferred Stock |  |  |  | $ | 683 |  |  |  |  |
The issuance activity of Series M Preferred Stock is summarized below (in thousands):
|  |  | Year Ended December 31, |  |
|  |  |  | 2021 |  |  |  |
Series M Preferred Stock shares issued |  |  |  | 29 |  |  |  |  |
Net proceeds |  |  |  | $ | 704 |  |  |  |  |
The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):
| December 31, 2021 |  | December 31, 2020
Series M Preferred Stock | $ | 715 |  |  | $ | — |
Adjustments to Series M Preferred Stock (1) | $ | 133 |  |  | $ | — |
________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands):
|  |  | Year Ended December 31, |
|  |  |  | 2021 |  |  |  |
Series M Preferred Stock |  |  |  | $ | 15 |  |  |  |  |
Summary of Series B Cumulative Convertible Preferred Stock Activity | The table below summarizes the activity (in thousands):
|  |  | Year Ended December 31, 2021 |
|  |  |  |  | Preferred Shares Tendered |  | Common Shares Issued |
Series B Convertible Preferred Stock |  |  |  |  | 1,953 |  | 7,291 |

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- Definition Tabular disclosure of information related to converting stock into another financial instrument(s) in a noncash (or part noncash) transaction. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4304-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4332-108586 + Details
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- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (27) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764 + Details
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