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Income (Loss) Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Income (Loss) Per Share | Income (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):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company |  |  |  |  | $ | (1,693) |  |  | $ | (27,017) |  |  | $ | 17,761 |
Less: dividends on preferred stock |  |  |  |  | (40,295) |  |  | (42,304) |  |  | (21,503) |
Less: deemed dividends on preferred stock |  |  |  |  | (8,958) |  |  | (4,719) |  |  | (6,954) |
Less: dividends on common stock |  |  |  |  | (13,302) |  |  | (13,164) |  |  | (5,598) |
Less: dividends on unvested performance stock units |  |  |  |  | (99) |  |  | (226) |  |  | (36) |
Add: claw back of dividends on cancelled performance stock units |  |  |  |  | — |  |  | — |  |  | 7 |
Less: dividends on unvested restricted shares |  |  |  |  | — |  |  | (33) |  |  | (38) |
Undistributed net income (loss) allocated to common stockholders |  |  |  |  | (64,347) |  |  | (87,463) |  |  | (16,361) |
Add back: dividends on common stock |  |  |  |  | 13,302 |  |  | 13,164 |  |  | 5,598 |
Distributed and undistributed net income (loss) - basic and diluted |  |  |  |  | $ | (51,045) |  |  | $ | (74,299) |  |  | $ | (10,763) |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic and diluted |  |  |  |  | 66,500 |  |  | 65,989 |  |  | 69,687 |
Income (loss) per share - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | (0.77) |  |  | $ | (1.13) |  |  | $ | (0.15) |
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):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares |  |  |  |  | $ | — |  |  | $ | 33 |  |  | $ | 38 |
Income (loss) allocated to unvested performance stock units |  |  |  |  | 99 |  |  | 226 |  |  | 30 |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  |  |  |  | (4,472) |  |  | (5,230) |  |  | (476) |
Dividends on preferred stock - Series B |  |  |  |  | 4,233 |  |  | 4,233 |  |  | 4,233 |
Interest expense on Convertible Senior Notes |  |  |  |  | 4,503 |  |  | 4,470 |  |  | 4,435 |
Dividends on preferred stock - Series E (inclusive of deemed dividends) |  |  |  |  | 38,089 |  |  | 34,817 |  |  | 18,969 |
Dividends on preferred stock - Series M (inclusive of deemed dividends) |  |  |  |  | 3,631 |  |  | 4,673 |  |  | 1,955 |
Total |  |  |  |  | $ | 46,083 |  |  | $ | 43,222 |  |  | $ | 29,184 |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested restricted shares |  |  |  |  | — |  |  | 3 |  |  | 39 |
Effect of unvested performance stock units |  |  |  |  | 25 |  |  | 273 |  |  | — |
Effect of assumed conversion of operating partnership units |  |  |  |  | 6,421 |  |  | 5,487 |  |  | 5,907 |
Effect of assumed conversion of preferred stock - Series B |  |  |  |  | 4,116 |  |  | 4,116 |  |  | 4,116 |
Effect of contingently issuable shares |  |  |  |  | — |  |  | — |  |  | 1 |
Effect of assumed conversion of Convertible Senior Notes |  |  |  |  | 15,184 |  |  | 13,609 |  |  | 13,609 |
Effect of assumed conversion of preferred stock - Series E |  |  |  |  | 150,154 |  |  | 126,832 |  |  | 34,730 |
Effect of assumed conversion of preferred stock - Series M |  |  |  |  | 15,961 |  |  | 14,740 |  |  | 3,366 |
Total |  |  |  |  | 191,861 |  |  | 165,060 |  |  | 61,768 |

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