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Income (Loss) Per Share (Tables) | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share | The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
Income (loss) allocated to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Income (loss) attributable to the Company |  |  |  |  | $ | 71,561 |  |  | $ | (60,922) |  |  |
Less: dividends on preferred stock |  |  |  |  | (5,011) |  |  | (3,243) |  |  |
Less: deemed dividends on redeemable preferred stock |  |  |  |  | (682) |  |  | (407) |  |  |
Add: gain (loss) on extinguishment of preferred stock |  |  |  |  | 1,573 |  |  | — |  |  |
Less: net (income) loss allocated to performance stock units |  |  |  |  | (347) |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders - basic |  |  |  |  | $ | 67,094 |  |  | $ | (64,572) |  |  |
Add back: dividends on preferred stock - Series J (inclusive of deemed dividends) |  |  |  |  | 2,667 |  |  | — |  |  |
Add back: dividends on preferred stock - Series K (inclusive of deemed dividends) |  |  |  |  | 147 |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders - diluted |  |  |  |  | $ | 69,908 |  |  | $ | (64,572) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  |  |  |  | 38,458 |  |  | 34,381 |  |  |
Effect of assumed conversion of preferred stock - Series J |  |  |  |  | 74,047 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series K |  |  |  |  | 4,224 |  |  | — |  |  |
Weighted average shares outstanding - diluted |  |  |  |  | 116,729 |  |  | 34,381 |  |  |
Basic income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | 1.74 |  |  | $ | (1.88) |  |  |
Diluted income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | 0.60 |  |  | $ | (1.88) |  |  |
Summary of Computation of Diluted Income Per Share | Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
|  |  |  | Three Months Ended March 31, |
|  |  |  |  |  | 2024 |  | 2023 |  |  |
Income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested performance stock units |  |  |  |  |  | $ | 347 |  |  | $ | — |  |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  |  |  |  |  | 853 |  |  | (600) |  |  |  |
Dividends on preferred stock - Series J (inclusive of deemed dividends) |  |  |  |  |  | — |  |  | 513 |  |  |  |
Dividends on preferred stock - Series K (inclusive of deemed dividends) |  |  |  |  |  | — |  |  | 34 |  |  |  |
Total |  |  |  |  |  | $ | 1,200 |  |  | $ | (53) |  |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Effect of assumed conversion of operating partnership units |  |  |  |  |  | 500 |  |  | 335 |  |  |  |
Effect of assumed issuance of shares for term loan exit fee |  |  |  |  |  | — |  |  | 1,745 |  |  |  |
Effect of assumed conversion of preferred stock - Series J |  |  |  |  |  | — |  |  | 1,459 |  |  |  |
Effect of assumed conversion of preferred stock - Series K |  |  |  |  |  | — |  |  | 62 |  |  |  |
Total |  |  |  |  |  | 500 |  |  | 3,601 |  |  |  |

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