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Redeemable Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2023
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,
202320222021
Units outstanding at beginning of year8,283 7,158 4,277 
LTIP units issued44 44 469 
Performance LTIP units issued353 1,194 840 
Common units issued for hotel acquisition— — 2,500 
Units redeemed for shares of common stock— — (868)
Units redeemed for cash(1,456)— — 
Performance LTIP units cancelled— (113)(60)
Units outstanding at end of year7,224 8,283 7,158 
Units convertible/redeemable at end of year4,292 5,841 5,533 
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
202320222021
Series B Convertible Preferred Stock$4,233 $4,233 $4,747 
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,
202320222021
Series E Preferred Stock shares issued (1)
3,798 10,914 1,709 
Net proceeds (1)
$85,444 $245,575 $38,450 
__________________
(1)Exclusive of shares issued under the DRIP.
The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands):
December 31, 2023December 31, 2022
Series E Preferred Stock$377,035 $291,076 
Cumulative adjustments to Series E Preferred Stock (1)
$13,337 $9,403 
________
(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,
202320222021
Series E Preferred Stock$30,883 $12,694 $683 
The issuance activity of Series M Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202320222021
Series M Preferred Stock shares issued (1)
5311,402 29 
Net proceeds (1)
$12,869 $34,009 $704 
__________________
(1)Exclusive of shares issued under the DRIP.
The redemption value adjustment of Series M Preferred stock is summarized below (in thousands):
December 31, 2023December 31, 2022
Series M Preferred Stock$45,623 $35,182 
Cumulative adjustments to Series M Preferred Stock (1)
$1,597 $812 
__________________
(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,
202320222021
Series M Preferred Stock$3,888 $1,276 $15 
Preferred Stock Redemption Activities
The redemption activities of Series E Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202320222021
Series E Preferred Stock shares redeemed272 14 $— 
Redemption amount, net of redemption fees$6,423 $365 $— 
The redemption activities of Series M Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202320222021
Series M Preferred Stock shares redeemed137 5 — 
Redemption amount, net of redemption fees$3,395 $134 $—