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Preferred Stock (Tables)
 12 Months Ended
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,
202120202019
Units outstanding at beginning of year4,277 4,538 4,833 
LTIP units issued469 129 91 
Performance LTIP units issued840 160 60 
Common units issued for hotel acquisition2,500 — — 
Units redeemed for shares of common stock(868)(339)(165)
Performance LTIP units cancelled(60)(211)(281)
Units outstanding at end of year7,158 4,277 4,538 
Units convertible/redeemable at end of year5,533 3,823 4,027 
The issuance activity is summarized below (in thousands):
Year Ended December 31,
202120202019
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,
202120202019
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, 2021December 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 issued29 
Net proceeds$704 
The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):
December 31, 2021December 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 TenderedCommon Shares Issued
 Series B Convertible Preferred Stock
1,9537,291