SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Dividends

On October 31, 2025, our Board of Directors declared quarterly cash dividends and distributions of $0.08 per share on our Common Stock and per Common Unit of the Operating Partnership and cash dividends of $0.390625 per share of 6.25% Series E Preferred Stock and $0.3671875 per share of 5.875% Series F Preferred Stock. The Board of Directors also declared on behalf of the Operating Partnership, a cash distribution of $0.328125 per share of the Operating Partnership's unregistered 5.250% Series Z Cumulative Perpetual Preferred Units. The dividends and distributions are payable on November 28, 2025 to holders of record as of November 14, 2025.

Lodging Property Sales

In June 2025, the GIC Joint Venture entered into a purchase and sale agreement to sell the 107-guestroom Courtyard by Marriott in Amarillo, TX for a selling price of $20.0 million. The sale of the property closed in October 2025 according to the terms of the agreement, and the GIC Joint Venture will recognize a gain on sale of approximately $4.2 million in the fourth quarter of 2025.

In July 2025, we entered into a purchase and sale agreement to sell the 123-guestroom Courtyard by Marriott in Kansas City, MO for a selling price of $19.0 million. We closed on the sale of the property in October 2025 according to the terms of the agreement and will recognize a gain on sale of approximately $2.5 million in the fourth quarter of 2025.