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BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 12. BENEFICIARIES' EQUITY OF THE PARENT COMPANY Earnings per Share (EPS) The following table details the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| Basic |  | Diluted |  | Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | (196,487) |  |  | $ | (196,487) |  |  | $ | (197,403) |  |  | $ | (197,403) |  |  | $ | 53,992 |  |  | $ | 53,992 |
Net (income) loss attributable to noncontrolling interests | 580 |  |  | 580 |  |  | 614 |  |  | 614 |  |  | (168) |  |  | (168) |
Nonforfeitable dividends allocated to unvested restricted shareholders | (1,178) |  |  | (1,178) |  |  | (567) |  |  | (567) |  |  | (456) |  |  | (456) |
Net income (loss) attributable to common shareholders | $ | (197,085) |  |  | $ | (197,085) |  |  | $ | (197,356) |  |  | $ | (197,356) |  |  | $ | 53,368 |  |  | $ | 53,368 |
Denominator |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding | 172,526,996 |  |  | 172,526,996 |  |  | 171,959,210 |  |  | 171,959,210 |  |  | 171,491,369 |  |  | 171,491,369 |
Contingent securities/Share-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 834,277 |
Weighted-average shares outstanding | 172,526,996 |  |  | 172,526,996 |  |  | 171,959,210 |  |  | 171,959,210 |  |  | 171,491,369 |  |  | 172,325,646 |
Earnings (loss) per Common Share: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to common shareholders | $ | (1.14) |  |  | $ | (1.14) |  |  | $ | (1.15) |  |  | $ | (1.15) |  |  | $ | 0.31 |  |  | $ | 0.31 |
The contingent securities/share-based compensation impact is calculated using the treasury stock method and relates to employee awards settled in shares of the Parent Company. The effect of these securities is anti-dilutive for periods that the Parent Company incurs a net loss from continuing operations available to common shareholders and therefore is excluded from the dilutive earnings per share calculation in such periods. Redeemable common limited partnership units totaling 515,595 at December 31, 2024, 515,595 at December 31, 2023 and 516,467 at December 31, 2022, respectively, were excluded from the diluted earnings per share computations because they are not dilutive. Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the years ended December 31, 2024, 2023 and 2022, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan. Common and Preferred Shares On December 10, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on January 23, 2025 to shareholders of record as of January 8, 2025. The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million common shares from and after January 3, 2019. During the years ended December 31, 2024 and 2023, no common shares were repurchased by the Company. Of the 20,000,000 preferred shares authorized, none were outstanding as of December 31, 2024 or December 31, 2023. Common Share Repurchases The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million common shares from and after January 3, 2019. During the year ended December 31, 2024 and 2023, the Company did not repurchase any common shares.

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