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Income (Loss) Per Share (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Income (loss) allocated to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Income (loss) attributable to the Company | $ | (57,905) |  |  | $ | (63,562) |  |  | $ | 63,910 |  |  | $ | (149,092) |  |  |
Less: dividends on preferred stock | (5,900) |  |  | (4,295) |  |  | (16,379) |  |  | (11,290) |  |  |
Less: deemed dividends on redeemable preferred stock | (902) |  |  | (760) |  |  | (2,253) |  |  | (1,993) |  |  |
Add: gain (loss) on extinguishment of preferred stock | 1,556 |  |  | — |  |  | 3,340 |  |  | — |  |  |
Less: net (income) loss allocated to performance stock units | — |  |  | — |  |  | (219) |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders - basic | $ | (63,151) |  |  | $ | (68,617) |  |  | $ | 48,399 |  |  | $ | (162,375) |  |  |
Add back: dividends on preferred stock - Series J (inclusive of deemed dividends) | — |  |  | — |  |  | 9,403 |  |  | — |  |  |
Add back: dividends on preferred stock - Series K (inclusive of deemed dividends) | — |  |  | — |  |  | 796 |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders - diluted | $ | (63,151) |  |  | $ | (68,617) |  |  | $ | 58,598 |  |  | $ | (162,375) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic | 5,096 |  |  | 3,446 |  |  | 4,425 |  |  | 3,440 |  |  |
Effect of assumed conversion of preferred stock - Series J | — |  |  | — |  |  | 13,431 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series K | — |  |  | — |  |  | 912 |  |  | — |  |  |
Weighted average shares outstanding - diluted | 5,096 |  |  | 3,446 |  |  | 18,768 |  |  | 3,440 |  |  |
Basic income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (12.39) |  |  | $ | (19.91) |  |  | $ | 10.94 |  |  | $ | (47.21) |  |  |
Diluted income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (12.39) |  |  | $ | (19.91) |  |  | $ | 3.12 |  |  | $ | (47.21) |  |  |
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 September 30, |  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested performance stock units |  | $ | — |  |  | $ | — |  |  | $ | 219 |  |  | $ | — |  |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  | (746) |  |  | (889) |  |  | 672 |  |  | (1,838) |  |  |  |
Dividends on preferred stock - Series J (inclusive of deemed dividends) |  | 3,710 |  |  | 1,843 |  |  | — |  |  | 3,776 |  |  |  |
Dividends on preferred stock - Series K (inclusive of deemed dividends) |  | 375 |  |  | 108 |  |  | — |  |  | 196 |  |  |  |
Total |  | $ | 3,339 |  |  | $ | 1,062 |  |  | $ | 891 |  |  | $ | 2,134 |  |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Effect of assumed conversion of operating partnership units |  | 60 |  |  | 45 |  |  | 55 |  |  | 39 |  |  |  |
Effect of assumed issuance of shares for term loan exit fee |  | — |  |  | 175 |  |  | — |  |  | 175 |  |  |  |
Effect of assumed conversion of preferred stock - Series J |  | 19,178 |  |  | 2,171 |  |  | — |  |  | 998 |  |  |  |
Effect of assumed conversion of preferred stock - Series K |  | 1,410 |  |  | 113 |  |  | — |  |  | 51 |  |  |  |
Total |  | 20,648 |  |  | 2,504 |  |  | 55 |  |  | 1,263 |  |  |  |

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