XML 16 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 2 Months Ended 10 Months Ended 12 Months Ended
Dec. 31, 2021
Oct. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
REVENUES:        
Rental revenues $ 103,252 $ 450,922 $ 513,957 $ 542,247
Management, development and leasing fees 1,500 5,642 7,917 7,158
Other 4,094 11,465 13,412 13,606
Total revenues [1] 108,846 468,029 535,286 563,011
EXPENSES:        
Property operating (15,258) (72,735) (90,996) (92,126)
Depreciation and amortization (49,504) (158,574) (190,505) (256,310)
Real estate taxes (9,598) (50,787) (54,807) (57,119)
Maintenance and repairs (7,581) (32,487) (41,336) (42,485)
General and administrative (9,175) (43,160) (64,066) (67,215)
Loss on impairment 0 (146,781)   (252)
Litigation settlement 118 932 2,310 304
Other (3) (745) (221) (834)
Total expenses (91,001) (504,337) (439,621) (516,037)
OTHER INCOME (EXPENSES):        
Interest and other income 510 2,055 13,199 4,938
Interest expense (195,488) (72,415) (172,905) (217,342)
Gain on extinguishment of debt     3,270 7,344
Gain on deconsolidation 19,126 55,131 47,879 36,250
Loss on available-for-sale securities       (39)
Gain (loss) on sales of real estate assets (3) 12,187 5,125 5,345
Reorganization items, net (1,403) (435,162)   298
Income tax (provision) benefit 5,885 (1,078) (894) (3,079)
Equity in earnings (losses) of unconsolidated affiliates 797 (10,823) 11,865 19,796
Total other expenses (170,576) (450,105) (92,461) (146,489)
Net income (loss) (152,731) (486,413) 3,204 (99,515)
Net (income) loss attributable to noncontrolling interests in:        
Operating Partnership   2,473 (2) 34
Other consolidated subsidiaries 1,186 13,313 3,344 5,999
Net income (loss) attributable to the Company (151,545) (470,627) 6,546 (93,482)
Dividends allocable to unvested restricted stock     (1,113) (2,537)
Net income (loss) attributable to common shareholders $ (151,545) $ (470,627) $ 5,433 $ (96,019)
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ (7.5) $ (2.39) $ 0.17 $ (3.2)
Diluted earnings per share [2] $ (7.5) $ (2.39) $ 0.17 $ (3.2)
Weighted-average basic shares 20,208 196,591 31,303 30,046
Weighted-average dilutive shares [2] 20,208 196,591 31,303 30,046
[1] Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.
[2] For the Successor year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the Successor year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Successor reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards. There were no potential dilutive common shares and there were no anti-dilutive shares for the Successor period from November 1, 2021 through December 31, 2021. There were no potential dilutive common shares and there were no anti-dilutive shares for the Predecessor period from January 1, 2021 through October 31, 2021.