Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

Equity

Common Shares of Beneficial Interest

During the three months ended March 31, 2023 and 2022, the Company declared a cash dividend of $0.08 and $0.01 per common share, respectively.

In April 2022, the Company's board of trustees approved a share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2022 to May 8, 2023 (the "2022 Share Repurchase Program"). During the three months ended March 31, 2023, the Company repurchased and retired approximately 2.4 million common shares for approximately $24.5 million. Subsequent to the quarter ended March 31, 2023, the Company repurchased and retired approximately 1.5 million common shares for approximately $15.3 million. As of May 5, 2023, the 2022 Share Repurchase Program had a remaining capacity of $152.5 million.

On April 28, 2023, the Company's board of trustees approved a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2023 to May 8, 2024 (the "2023 Share Repurchase Program").

Series A Preferred Shares

During the three months ended March 31, 2023 and 2022, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share.

The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share.

Noncontrolling Interest in Consolidated Joint Ventures

The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets.

Noncontrolling Interest in the Operating Partnership

The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. As of March 31, 2023, 771,831 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.