Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Dividends declared (on a per share basis) during the three months ended March 31, 2026 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series F
February 24, 2026	$	0.30	March 30, 2026	$	0.3984375	$	0.390625	$	0.390625

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data):


	Three Months Ended March 31,
	2026				2025
	Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	629	$	629	$	30,438	$	30,438
Net income attributable to noncontrolling interest (2)	—		52		—		2,602

Net income attributable to common stockholders and noncontrolling interest (3)	$	629	$	681	$	30,438	$	33,040
Weighted average shares outstanding	194,194,906		194,194,906		190,060,776		190,060,776
Dilutive effect of OP Units (2)	—		16,170,218		—		16,249,284

Dilutive effect of RSUs (4)	—		1,370,607		—		552,260
Weighted average shares outstanding (3)	194,194,906		211,735,731		190,060,776		206,862,320
Net income per common share (1)	$	0.00	$	0.00	$	0.16	$	0.16

________________________

(1)Net of preferred stock dividends.

(2)We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election.

(3)The three months ended March 31, 2025 excludes interest expense of $6.1 million, and potentially dilutive shares of 17,616,593 attributable to convertible debt since their effect would have been anti-dilutive. In August 2025, our convertible debt matured and was fully settled.

(4)Represents the dilutive effect of performance-based RSUs granted to our chief executive officer and chief operating officer that vest based upon our achievement of total stockholder return objectives and RSUs granted to our chief executive officer and certain directors who have decided to defer the receipt of the common stock into which the RSUs are converted, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election.