SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

We have evaluated significant matters subsequent to our year end date of December 31, 2022 and through the filing date of our Annual Report on Form 10-K for the year then ended of February 27, 2023 as follows:

Equity Transactions

On January 26, 2023, 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 February 28, 2023 to stockholders of record on February 14, 2023.

Disposition of Lodging Properties and Undeveloped Land

Subsequent to December 31, 2022, we entered into a purchase and sale agreement with a third-party to sell a portfolio of four lodging properties for $28.1 million. We recorded a write-down of $2.9 million at December 31, 2022 for the excess of the net carrying amount of the portfolio of properties over the expected net selling price less costs to sell. Additionally, we entered into a purchase and sale agreement with a third-party to sell a 6.0-acre parcel of undeveloped for $1.3 million. We recorded a write-down of $0.3 million at December 31, 2022 for the excess of the net carrying amount of the undeveloped land over the expected net selling price less costs to sell. We also entered into an agreement for the sale of two lodging properties for $50.5 million. We recorded a write-down of $7.2 million at December 31, 2022 for the excess of the net carrying amount of the properties over the expected net selling price less costs to sell.

Investment in Development PropertyOn January 10, 2023, we entered into an agreement with affiliates of Onera to provide a mezzanine loan to fund up to $4.6 million for the development of a glamping property. Additionally, we issued a $3.0 million letter of credit to the senior lender of the project as additional support for the borrower's construction loan. The development is expected to be completed in 2024. In addition, we have an option to purchase 90% of the equity of the entity that owns the development property upon completion of construction at a pre-determined price.