SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Dividends

On October 28, 2022, our Board of Directors declared cash dividends of $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock and $0.3671875 per share of 5.875% Series F Cumulative Redeemable Preferred Stock. The Board of Directors also declared on behalf of the Operating Partnership, a cash dividend of $0.328125 per share of the Operating Partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units. Our Board of Directors also declared a quarterly cash dividend of $0.04 per share on our Common Stock and per Common Unit of the Operating Partnership.

These dividends are payable on November 30, 2022 to holders of record as of November 16, 2022.

Acquisition

On October 26, 2022, we completed the acquisition of a 90% equity interest in a joint venture that owns an 11-unit high-end glamping property for $4.5 million in cash based on a gross valuation of $5.0 million, plus additional contingent consideration limited to a maximum of $1.8 million, payable to the seller based on performance of the property for the 12-month period ending July 31, 2023. The transaction also includes the acquisition of a 90% interest in an adjacent 6.4 acre parcel of undeveloped land for an additional $0.7 million, based on a gross valuation of $0.8 million.