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BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 11. 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):
| Three Months Ended March 31,
| 2025 |  | 2024
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Net loss | $ | (27,056) |  |  | $ | (27,056) |  |  | $ | (16,414) |  |  | $ | (16,414) |
Net loss attributable to noncontrolling interests | 81 |  |  | 81 |  |  | 46 |  |  | 46 |
Nonforfeitable dividends allocated to unvested restricted shareholders | (429) |  |  | (429) |  |  | (336) |  |  | (336) |
Net loss attributable to common shareholders | $ | (27,404) |  |  | $ | (27,404) |  |  | $ | (16,704) |  |  | $ | (16,704) |
Denominator |  |  |  |  |  |  |
Weighted-average shares outstanding | 172,915,482 |  |  | 172,915,482 |  |  | 172,207,037 |  |  | 172,207,037 |
Weighted-average shares outstanding | 172,915,482 |  |  | 172,915,482 |  |  | 172,207,037 |  |  | 172,207,037 |
Loss per Common Share: |  |  |  |  |  |  |
Net loss attributable to common shareholders | $ | (0.16) |  |  | $ | (0.16) |  |  | $ | (0.10) |  |  | $ | (0.10) |
Redeemable common limited partnership units totaling 515,595 at March 31, 2025 and March 31, 2024 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 three months ended March 31, 2025 and 2024, 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 equity incentive plan. Common Shares On February 19, 2025, the Parent Company declared a distribution of $0.15 per common share, totaling $26.5 million, which was paid on April 17, 2025 to shareholders of record as of April 3, 2025. The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase its common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million of the Company's common shares from and after January 3, 2019. During the three months ended March 31, 2025 and March 31, 2024, the Company did not repurchase any common shares under the program.

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