EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Components used to Calculate Basic and Diluted Earnings Per Share

The following is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net (loss) income	$	(11,760)	$	(3,556)	$	(9,100)	$	37,975
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests	(656)		(656)		(1,970)		(1,970)
Preferred dividends	(3,968)		(3,968)		(11,906)		(11,906)
Losses attributable to non-controlling interests in joint ventures	3,565		3,274		3,051		4,011
Dividends paid on unvested time-based restricted stock	(113)		(85)		(324)		(225)
Allocation of loss (income) to participating securities	1,415		719		2,211		(3,655)
Numerator for (loss) income per common stockholder - basic	(11,517)		(4,272)		(18,038)		24,230
Adjusted for:
Interest rate effect on assumed conversion of convertible debt	—		—		—		3,244
Allocation of income to participating securities (1)	—		—		—		3,864
Numerator for (loss) income per common stockholder - diluted	$	(11,517)	$	(4,272)	$	(18,038)	$	31,338

Denominator:
Weighted average common shares outstanding - basic	105,889		106,033		107,169		105,891
Adjusted for:
Dilutive effect of equity-based compensation awards	—		—		—		2,551
Effect of assumed conversion of convertible debt	—		—		—		25,614
Effect of assumed conversion of Operating Partnership units	—		—		—		15,947
Weighted average common shares outstanding - diluted	105,889		106,033		107,169		150,003

Net (loss) income per share available to common stockholders:
Basic	$	(0.11)	$	(0.04)	$	(0.17)	$	0.23
Diluted	$	(0.11)	$	(0.04)	$	(0.17)	$	0.21

(1) Balances reflect potentially dilutive securities issuable based on the estimated vesting of performance-based restricted stock assuming that the reporting date is the vesting date and unvested time-based restricted stock using the treasury stock method. These shares were not included for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 since their inclusion would have been anti-dilutive.