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Income (Loss) Per Share | 3 Months Ended
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Mar. 31, 2025
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):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company |  |  |  |  | $ | 10,998 |  |  | $ | 15,929 |  |  |
Less: dividends on preferred stock |  |  |  |  | (9,269) |  |  | (10,407) |  |  |
Less: deemed dividends on preferred stock |  |  |  |  | (4,276) |  |  | (1,998) |  |  |
Less: dividends on common stock |  |  |  |  | (3,353) |  |  | (3,324) |  |  |
Less: dividends on unvested performance stock units |  |  |  |  | (19) |  |  | (21) |  |  |
Less: dividends on unvested restricted shares |  |  |  |  | — |  |  | (2) |  |  |
Undistributed net income (loss) allocated to common stockholders |  |  |  |  | (5,919) |  |  | 177 |  |  |
Add back: dividends on common stock |  |  |  |  | 3,353 |  |  | 3,324 |  |  |
Distributed and undistributed net income (loss) - basic and diluted |  |  |  |  | $ | (2,566) |  |  | $ | 3,501 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) |  |  |  |  | — |  |  | 9,401 |  |  |
Distributed and undistributed net income (loss) - diluted |  |  |  |  | $ | (2,566) |  |  | $ | 12,902 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic and diluted |  |  |  |  | 66,744 |  |  | 66,455 |  |  |
Effect of assumed conversion of preferred stock - Series E |  |  |  |  | — |  |  | 202,061 |  |  |
Weighted average common shares outstanding – diluted |  |  |  |  | 66,744 |  |  | 268,516 |  |  |
Income (loss) per share - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | (0.04) |  |  | $ | 0.05 |  |  |
Income (loss) per share - diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | (0.04) |  |  | $ | 0.05 |  |  |
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 March 31,
|  |  |  |  | 2025 |  | 2024 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested performance stock units |  |  |  |  | $ | 19 |  |  | $ | 23 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  |  |  |  | (262) |  |  | 296 |  |  |
Dividends on preferred stock - Series B |  |  |  |  | 1,058 |  |  | 1,058 |  |  |
Interest expense on Convertible Senior Notes |  |  |  |  | 1,131 |  |  | 1,123 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) |  |  |  |  | 10,892 |  |  | — |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) |  |  |  |  | 770 |  |  | 1,121 |  |  |
Total |  |  |  |  | $ | 13,608 |  |  | $ | 3,621 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested performance stock units |  |  |  |  | 43 |  |  | 13 |  |  |
Effect of assumed conversion of operating partnership units |  |  |  |  | 6,786 |  |  | 5,902 |  |  |
Effect of assumed conversion of preferred stock - Series B |  |  |  |  | 4,116 |  |  | 4,116 |  |  |
Effect of assumed conversion of Convertible Senior Notes |  |  |  |  | 16,267 |  |  | 13,609 |  |  |
Effect of assumed conversion of preferred stock - Series E |  |  |  |  | 135,669 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series M |  |  |  |  | 13,959 |  |  | 22,340 |  |  |
Total |  |  |  |  | 176,840 |  |  | 45,980 |  |  |

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