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Redeemable Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2022
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,
202220212020
Units outstanding at beginning of year7,158 4,277 4,538 
LTIP units issued44 469 129 
Performance LTIP units issued1,194 840 160 
Common units issued for hotel acquisition— 2,500 — 
Units redeemed for shares of common stock— (868)(339)
Performance LTIP units cancelled(113)(60)(211)
Units outstanding at end of year8,283 7,158 4,277 
Units convertible/redeemable at end of year5,841 5,533 3,823 
The issuance activity is summarized below (in thousands):
Year Ended December 31,
202220212020
Series B Convertible Preferred Stock shares issued— — 23 
Gross proceeds received$— $— $439 
Commissions— — 7 
Net proceeds$— $— $432 
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
202220212020
Series B Convertible Preferred Stock$4,233 $4,747 $6,919 
The table below summarizes the activity (in thousands):
Year Ended December 31, 2021
Preferred Shares TenderedCommon Shares Issued
 Series B Convertible Preferred Stock
1,953 7,291 
The issuance activity of the Series E Preferred Stock is summarized below (in thousands):
Year Ended December 31,
20222021
Series E Preferred Stock shares issued (1)
10,914 1,709 
Net proceeds$245,575 $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, 2022December 31, 2021
Series E Preferred Stock$291,076 $39,339 
Adjustments to Series E Preferred Stock (1)
$9,403 $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,
20222021
Series E Preferred Stock$12,694 $683 
The issuance activity of Series M Preferred Stock is summarized below (in thousands):
Year Ended December 31,
20222021
Series M Preferred Stock shares issued (1)
1,402 29
Net proceeds$34,009 $704 
__________________
(1)Exclusive of shares issued under the dividend reinvestment plan.
The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):
December 31, 2022December 31, 2021
Series M Preferred Stock$35,182 $715 
Adjustments to Series M Preferred Stock (1)
$812 $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,
20222021
Series M Preferred Stock$1,276 $15 
Preferred Stock Redemption Activities
The redemption activities of Series E Preferred Stock is summarized below (in thousands):
Year Ended December 31,
20222021
Series E Preferred Stock shares redeemed14 — 
Redemption amount, net of redemption fees$365 $— 
The redemption activities of Series M Preferred Stock is summarized below (in thousands):
Year Ended December 31,
20222021
Series M Preferred Stock shares redeemed5 — 
Redemption amount, net of redemption fees$134 $—