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Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Income (Loss) Per Share | Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income 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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Income (loss) allocated to common stockholders – basic and diluted: |  |  |  |  |  |  |  |  |
Income (loss) attributable to the Company | $ | (30,396) |  |  | $ | 50,254 |  |  | $ | (50,367) |  |  | $ | 121,815 |  |  |
Less: dividends on preferred stock | (7,017) |  |  | (5,468) |  |  | (13,746) |  |  | (10,479) |  |  |
Less: deemed dividends on redeemable preferred stock | (2,530) |  |  | (669) |  |  | (3,587) |  |  | (1,351) |  |  |
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 | $ | (39,943) |  |  | $ | 44,125 |  |  | $ | (67,700) |  |  | $ | 111,227 |  |  |
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 |  |  |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (631) |  |  | — |  |  | — |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted | $ | (40,574) |  |  | $ | 47,425 |  |  | $ | (67,700) |  |  | $ | 117,341 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding – basic and diluted | 5,804 |  |  | 4,324 |  |  | 5,728 |  |  | 4,085 |  |  |
Effect of assumed conversion of preferred stock – Series J | — |  |  | 13,709 |  |  | — |  |  | 10,557 |  |  |
Effect of assumed conversion of preferred stock – Series K | — |  |  | 903 |  |  | — |  |  | 663 |  |  |
Effect of assumed conversion of operating partnership units | 91 |  |  | — |  |  | — |  |  | — |  |  |
Weighted average shares outstanding – diluted | 5,895 |  |  | 18,936 |  |  | 5,728 |  |  | 15,305 |  |  |
Basic income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (6.88) |  |  | $ | 10.20 |  |  | $ | (11.82) |  |  | $ | 27.23 |  |  |
Diluted income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (6.88) |  |  | $ | 2.50 |  |  | $ | (11.82) |  |  | $ | 7.67 |  |  |
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, |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |
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 |  |  | (1,082) |  |  | 1,418 |  |  |  |
Dividends on preferred stock – Series J (inclusive of deemed dividends) |  | 4,834 |  |  | — |  |  | 9,434 |  |  | — |  |  |  |
Dividends on preferred stock – Series K (inclusive of deemed dividends) |  | 426 |  |  | — |  |  | 897 |  |  | — |  |  |  |
Dividends on preferred stock – Series L (inclusive of deemed dividends) |  | 668 |  |  | — |  |  | 668 |  |  | — |  |  |  |
Dividends on preferred stock – Series M (inclusive of deemed dividends) |  | 906 |  |  | — |  |  | 906 |  |  | — |  |  |  |
Total |  | $ | 6,834 |  |  | $ | 768 |  |  | $ | 10,823 |  |  | $ | 1,960 |  |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Effect of unvested restricted stock |  | 11 |  |  | — |  |  | 14 |  |  | — |  |  |  |
Effect of assumed conversion of operating partnership units |  | — |  |  | 55 |  |  | 92 |  |  | 53 |  |  |  |
Effect of assumed conversion of preferred stock – Series J |  | 31,926 |  |  | — |  |  | 28,392 |  |  | — |  |  |  |
Effect of assumed conversion of preferred stock – Series K |  | 3,128 |  |  | — |  |  | 2,688 |  |  | — |  |  |  |
Effect of assumed conversion of preferred stock – Series L |  | 201 |  |  | — |  |  | 101 |  |  | — |  |  |  |
Effect of assumed conversion of preferred stock – Series M |  | 246 |  |  | — |  |  | 123 |  |  | — |  |  |  |
Total |  | 35,512 |  |  | 55 |  |  | 31,410 |  |  | 53 |  |  |  |

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