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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Reconciliation of Common Stock Outstanding

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:

			NINE MONTHS ENDED SEPTEMBER 30, 2024			TWELVE MONTHS ENDED DECEMBER 31, 2023
Balance, beginning of period			380,964,433			380,589,894
Issuance of common stock			8,623			8,627
Conversion of OP units to common stock			194,767			190,544
Shares Repurchased			(25,735,088)			—
Non-vested share-based awards, net of withheld shares and forfeitures			401,648			175,368
Balance, end of period			355,834,383			380,964,433

Schedule of Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2024, and 2023.

			THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data			2024			2023			2024			2023
Weighted average common shares outstanding
Weighted average common shares outstanding			360,981,496			380,857,560			372,230,619			380,828,004
Non-vested shares			(2,021,666)			(1,932,221)			(1,976,421)			(1,941,897)
Weighted average common shares outstanding - basic			358,959,830			378,925,339			370,254,198			378,886,107
Weighted average common shares outstanding - basic			358,959,830			378,925,339			370,254,198			378,886,107
Dilutive effect of OP Units			—			—			—			—
Weighted average common shares outstanding - diluted			358,959,830			378,925,339			370,254,198			378,886,107
Net loss			$	(94,535)		$	(68,604)		$	(555,692)		$	(240,408)
Income allocated to participating securities			(560)			(636)			(2,452)			(1,868)
Loss attributable to non-controlling interest			1,512			760			8,053			2,680
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units			(549)			(29)			(2,560)			(122)
Net loss applicable to common stockholders - basic			$	(94,132)		$	(68,509)		$	(552,651)		$	(239,718)
Basic earnings per common share - net loss			$	(0.26)		$	(0.18)		$	(1.49)		$	(0.63)
Diluted earnings per common share - net loss			$	(0.26)		$	(0.18)		$	(1.49)		$	(0.63)

Schedule of Stock Options, Valuation Assumptions

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.10 for the relative TSR component for the February 2024 grant using the following assumptions:

Volatility									28.0		%
Dividend assumption									Accrued
Expected term									3 years
Risk-free rate									4.44		%
Stock price (per share)									$15.22

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.62 for the relative TSR component for the February 2024 grant using the following assumptions:

Volatility									28.0		%
Dividend assumption									Accrued
Expected term									3 years
Risk-free rate									4.44		%
Stock price (per share)									$15.22

Schedule of the Activity Under the Incentive Plan and RSU Activity

The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and nine months ended September 30, 2024 and 2023:

			THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
			2024			2023			2024			2023
Share-based awards, beginning of period			4,085,059			2,923,018			2,615,562			2,090,060
Granted 1			—			—			1,611,578			1,118,537
Vested			(9,730)			(11,664)			(84,804)			(188,070)
Change in awards based on performance assessment			—			(126,418)			(47,202)			(205,668)
Forfeited			—			—			(19,805)			(29,923)
Share-based awards, end of period			4,075,329			2,784,936			4,075,329			2,784,936

1LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance conditions have been satisfied and the exact number of awards are determinable.

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The following table represents expected amortization of the Company's non-vested awards issued as of September 30, 2024:

Dollars in millions			FUTURE AMORTIZATION of non-vested shares
2024			$	3.6
2025			12.1
2026			9.2
2027			5.0
2028 and thereafter			2.7
Total			$	32.6

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