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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES:        
Rental revenues $ 124,783 $ 131,642 $ 379,949 $ 398,806
Management, development and leasing fees 1,840 1,783 6,096 5,338
Other 2,728 2,855 9,532 9,256
Total revenues [1],[2] 129,351 136,280 395,577 413,400
EXPENSES:        
Property operating (22,621) (24,390) (68,742) (69,046)
Depreciation and amortization (45,118) (61,050) (148,129) (194,469)
Real estate taxes (13,794) (13,880) (43,063) (42,569)
Maintenance and repairs (8,487) (10,272) (30,002) (31,068)
General and administrative (14,398) (14,625) (49,783) (51,149)
Loss on impairment       (252)
Litigation settlement 2,060 36 2,178 182
Other     (198) (834)
Total expenses (102,358) (124,181) (337,739) (389,205)
OTHER INCOME (EXPENSES):        
Interest and other income 3,628 152 9,260 1,216
Interest expense (42,891) (37,652) (130,588) (183,428)
Gain on deconsolidation 19,728   47,879 36,250
Loss on available-for-sale securities   (39)   (39)
Gain on sales of real estate assets 3,414 3,528 4,896 3,547
Reorganization items, net   1,220   262
Income tax provision (1,263) (2,422) (1,381) (2,751)
Equity in earnings of unconsolidated affiliates 3,266 5,702 2,822 16,308
Total other expenses (14,118) (29,511) (67,112) (128,635)
Net income (loss) 12,875 (17,412) (9,274) (104,440)
Net (income) loss attributable to noncontrolling interests in:        
Operating Partnership 6 (25) 6 34
Other consolidated subsidiaries 381 3,143 4,001 8,002
Net income (loss) attributable to the Company 13,262 (14,294) (5,267) (96,404)
Earnings allocable to unvested restricted stock (305) (216) (837) (426)
Net income (loss) attributable to common shareholders $ 12,957 $ (14,510) $ (6,104) $ (96,830)
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ 0.41 $ (0.47) $ (0.19) $ (3.26)
Diluted earnings per share [3] $ 0.41 $ (0.47) $ (0.19) $ (3.26)
Weighted-average basic shares 31,305 30,973 31,307 29,725
Weighted-average diluted shares outstanding [3] 31,305 30,973 31,307 29,725
[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 and nine months ended September 30, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2023, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have included 29 and 13 contingently issuable shares, respectively, related to unvested restricted stock awards. For the three and nine months ended September 30, 2022, the computation of diluted EPS does not include contingently issuable shares related to PSUs and unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2022, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have included 314 and 235 contingently issuable shares, respectively, related to PSUs and unvested restricted stock awards.