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Income (Loss) Per Share (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Income (loss) allocated to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Income (loss) attributable to the Company | $ | 50,254 |  |  | $ | (24,608) |  |  | $ | 121,815 |  |  | $ | (85,530) |  |  |
Less: dividends on preferred stock | (5,468) |  |  | (3,752) |  |  | (10,479) |  |  | (6,995) |  |  |
Less: deemed dividends on redeemable preferred stock | (669) |  |  | (826) |  |  | (1,351) |  |  | (1,233) |  |  |
Add: gain (loss) on extinguishment of preferred stock | 211 |  |  | — |  |  | 1,784 |  |  | — |  |  |
Less: net (income) loss allocated to performance stock units | (203) |  |  | — |  |  | (542) |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders - basic | $ | 44,125 |  |  | $ | (29,186) |  |  | $ | 111,227 |  |  | $ | (93,758) |  |  |
Add back: dividends on preferred stock - Series J (inclusive of deemed dividends) | 3,026 |  |  | — |  |  | 5,693 |  |  | — |  |  |
Add back: dividends on preferred stock - Series K (inclusive of deemed dividends) | 274 |  |  | — |  |  | 421 |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders - diluted | $ | 47,425 |  |  | $ | (29,186) |  |  | $ | 117,341 |  |  | $ | (93,758) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic | 43,243 |  |  | 34,429 |  |  | 40,850 |  |  | 34,385 |  |  |
Effect of assumed conversion of preferred stock - Series J | 137,087 |  |  | — |  |  | 105,567 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series K | 9,034 |  |  | — |  |  | 6,629 |  |  | — |  |  |
Weighted average shares outstanding - diluted | 189,364 |  |  | 34,429 |  |  | 153,046 |  |  | 34,385 |  |  |
Basic income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | 1.02 |  |  | $ | (0.85) |  |  | $ | 2.72 |  |  | $ | (2.73) |  |  |
Diluted income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | 0.25 |  |  | $ | (0.85) |  |  | $ | 0.77 |  |  | $ | (2.73) |  |  |
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 June 30, |  | Six Months Ended June 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested performance stock units |  | $ | 203 |  |  | $ | — |  |  | $ | 542 |  |  | $ | — |  |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  | 565 |  |  | (349) |  |  | 1,418 |  |  | (949) |  |  |  |
Dividends on preferred stock - Series J (inclusive of deemed dividends) |  | — |  |  | 1,420 |  |  | — |  |  | 1,933 |  |  |  |
Dividends on preferred stock - Series K (inclusive of deemed dividends) |  | — |  |  | 54 |  |  | — |  |  | 88 |  |  |  |
Total |  | $ | 768 |  |  | $ | 1,125 |  |  | $ | 1,960 |  |  | $ | 1,072 |  |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Effect of assumed conversion of operating partnership units |  | 553 |  |  | 400 |  |  | 527 |  |  | 367 |  |  |  |
Effect of assumed issuance of shares for term loan exit fee |  | — |  |  | 1,745 |  |  | — |  |  | 1,745 |  |  |  |
Effect of assumed conversion of preferred stock - Series J |  | — |  |  | 6,764 |  |  | — |  |  | 4,111 |  |  |  |
Effect of assumed conversion of preferred stock - Series K |  | — |  |  | 344 |  |  | — |  |  | 203 |  |  |  |
Total |  | 553 |  |  | 9,253 |  |  | 527 |  |  | 6,426 |  |  |  |

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