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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 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | 12,596 |  |  | $ | (22,030) |  |  | $ | 16,960 |  |  | $ | (7,842) |  |  |
Less: dividends on preferred stock | (9,857) |  |  | (10,582) |  |  | (30,593) |  |  | (31,809) |  |  |
Less: deemed dividends on preferred stock | (4,151) |  |  | (516) |  |  | (6,175) |  |  | (3,271) |  |  |
Less: dividends on common stock | (3,326) |  |  | (3,291) |  |  | (9,977) |  |  | (9,871) |  |  |
Less: dividends on unvested performance stock units | (22) |  |  | (36) |  |  | (63) |  |  | (108) |  |  |
Less: dividends on unvested restricted shares | — |  |  | (8) |  |  | — |  |  | (25) |  |  |
Undistributed net income (loss) allocated to common stockholders | (4,760) |  |  | (36,463) |  |  | (29,848) |  |  | (52,926) |  |  |
Add back: dividends on common stock | 3,326 |  |  | 3,291 |  |  | 9,977 |  |  | 9,871 |  |  |
Distributed and undistributed net income (loss) - basic and diluted | $ | (1,434) |  |  | $ | (33,172) |  |  | $ | (19,871) |  |  | $ | (43,055) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic and diluted | 66,522 |  |  | 65,825 |  |  | 66,493 |  |  | 68,010 |  |  |
Income (loss) per share - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.02) |  |  | $ | (0.50) |  |  | $ | (0.30) |  |  | $ | (0.63) |  |  |
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 the adjustments for the following items (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 25 |  |  |
Income (loss) allocated to unvested performance stock units | 22 |  |  | 36 |  |  | 64 |  |  | 108 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (124) |  |  | (2,354) |  |  | (1,747) |  |  | (3,018) |  |  |
Dividends on preferred stock - Series B | 1,059 |  |  | 1,058 |  |  | 3,175 |  |  | 3,174 |  |  |
Interest expense on Convertible Senior Notes | 1,127 |  |  | 1,118 |  |  | 3,374 |  |  | 3,349 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) | 11,288 |  |  | 7,959 |  |  | 28,285 |  |  | 25,851 |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) | 836 |  |  | 1,256 |  |  | 2,833 |  |  | 3,580 |  |  |
Total | $ | 14,208 |  |  | $ | 9,081 |  |  | $ | 35,984 |  |  | $ | 33,069 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested performance stock units | 50 |  |  | 398 |  |  | 34 |  |  | 364 |  |  |
Effect of assumed conversion of operating partnership units | 6,558 |  |  | 5,258 |  |  | 6,275 |  |  | 5,470 |  |  |
Effect of assumed conversion of preferred stock - Series B | 4,116 |  |  | 4,116 |  |  | 4,116 |  |  | 4,116 |  |  |
Effect of assumed conversion of Convertible Senior Notes | 15,706 |  |  | 13,609 |  |  | 14,927 |  |  | 13,609 |  |  |
Effect of assumed conversion of preferred stock - Series E | 117,946 |  |  | 145,416 |  |  | 160,729 |  |  | 116,124 |  |  |
Effect of assumed conversion of preferred stock - Series M | 12,241 |  |  | 16,979 |  |  | 17,226 |  |  | 13,623 |  |  |
Total | 156,617 |  |  | 185,776 |  |  | 203,307 |  |  | 153,306 |  |  |

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