EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Numerator:
Net (loss) income	$	(5,913)	$	623
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests	(657)		(657)
Preferred dividends	(3,970)		(3,970)
Income attributable to non-controlling interests in joint ventures	(1,168)		(1,283)
Dividends paid on unvested time-based restricted stock	(111)		(94)
Allocation of loss to participating securities (1)	1,297		587




Numerator for loss per common stockholder - basic and diluted	$	(10,522)	$	(4,794)

Denominator:





Weighted average common shares outstanding - basic and diluted	105,720		108,008

Net loss per share available to common stockholders:
Basic and diluted	$	(0.10)	$	(0.04)

(1) Balances include amounts allocated to Common Units, for the three months ended March 31, 2026 and 2025.