XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
REVENUES:    
Rental revenues $ 130,324 $ 135,332
Management, development and leasing fees 2,434 1,769
Other 3,601 3,001
Total revenues [1],[2] 136,359 140,102
EXPENSES:    
Property operating (24,614) (23,344)
Depreciation and amortization (53,269) (68,943)
Real estate taxes (14,788) (14,435)
Maintenance and repairs (11,524) (10,566)
General and administrative (19,229) (18,074)
Litigation settlement 44 81
Other (198)  
Total expenses (123,578) (135,281)
OTHER INCOME (EXPENSES):    
Interest and other income 2,665 155
Interest expense (43,524) (90,659)
Gain on deconsolidation 28,151 36,250
Gain on sales of real estate assets 1,596 16
Reorganization items, net   (1,571)
Income tax benefit (provision) 101 (801)
Equity in (losses) earnings of unconsolidated affiliates (1,256) 8,566
Total other expenses (12,267) (48,044)
Net income (loss) 514 (43,223)
Net loss attributable to noncontrolling interests in:    
Operating Partnership   15
Other consolidated subsidiaries 1,745 2,486
Net income (loss) attributable to the Company 2,259 (40,722)
Dividends allocable to unvested restricted stock (280)  
Net income (loss) attributable to common shareholders $ 1,979 $ (40,722)
Basic and diluted per share data attributable to common shareholders:    
Basic earnings per share $ 0.06 $ (1.45)
Diluted earnings per share [3] $ 0.06 $ (1.45)
Weighted-average basic share 31,304 27,998
Weighted-average diluted shares [3] 31,369 27,998
[1] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.
[2] Sales taxes are excluded from revenues.
[3] For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378, including 10 contingently issuable shares related to unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the three months ended March 31, 2022.