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Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | 5,742 |  |  | $ | 12,596 |  |  | $ | 11,273 |  |  | $ | 16,960 |  |  |
Less: dividends on preferred stock | (8,667) |  |  | (9,857) |  |  | (26,928) |  |  | (30,593) |  |  |
Less: deemed dividends on preferred stock | (5,251) |  |  | (4,151) |  |  | (11,086) |  |  | (6,175) |  |  |
Less: dividends on common stock | (3,410) |  |  | (3,326) |  |  | (10,174) |  |  | (9,977) |  |  |
Less: dividends on unvested performance stock units | (20) |  |  | (22) |  |  | (58) |  |  | (63) |  |  |
Undistributed net income (loss) allocated to common stockholders | (11,606) |  |  | (4,760) |  |  | (36,973) |  |  | (29,848) |  |  |
Add back: dividends on common stock | 3,410 |  |  | 3,326 |  |  | 10,174 |  |  | 9,977 |  |  |
Distributed and undistributed net income (loss) - basic and diluted | $ | (8,196) |  |  | $ | (1,434) |  |  | $ | (26,799) |  |  | $ | (19,871) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic and diluted | 68,219 |  |  | 66,522 |  |  | 67,419 |  |  | 66,493 |  |  |
Income (loss) per share - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.12) |  |  | $ | (0.02) |  |  | $ | (0.40) |  |  | $ | (0.30) |  |  |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested performance stock units | 20 |  |  | 22 |  |  | $ | 58 |  |  | $ | 64 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (607) |  |  | (124) |  |  | (2,358) |  |  | (1,747) |  |  |
Dividends on preferred stock - Series B | 1,058 |  |  | 1,059 |  |  | 3,174 |  |  | 3,175 |  |  |
Interest expense on Convertible Senior Notes | 1,135 |  |  | 1,127 |  |  | 3,399 |  |  | 3,374 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) | 11,292 |  |  | 11,288 |  |  | 30,097 |  |  | 28,285 |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) | 743 |  |  | 836 |  |  | 2,268 |  |  | 2,833 |  |  |
Total | $ | 13,641 |  |  | $ | 14,208 |  |  | $ | 36,638 |  |  | $ | 35,984 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested performance stock units | 63 |  |  | 50 |  |  | 77 |  |  | 34 |  |  |
Effect of assumed conversion of operating partnership units | 5,092 |  |  | 6,558 |  |  | 6,057 |  |  | 6,275 |  |  |
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 | 16,889 |  |  | 15,706 |  |  | 16,581 |  |  | 14,927 |  |  |
Effect of assumed conversion of preferred stock - Series E | 116,179 |  |  | 117,946 |  |  | 126,870 |  |  | 160,729 |  |  |
Effect of assumed conversion of preferred stock - Series M | 12,633 |  |  | 12,241 |  |  | 13,417 |  |  | 17,226 |  |  |
Total | 154,972 |  |  | 156,617 |  |  | 167,118 |  |  | 203,307 |  |  |

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