Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Net income attributable to common stockholders and the issuance of our Class A shares in exchange for the conversion of OP Units into common stock

The following is net loss attributable to common stockholders and the issuance of our Class A shares in exchange for the conversion of OP Units into common stock (amounts in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net loss attributable to common stockholders	$	(6,977)	$	(8,204)	$	(7,523)	$	(16,502)
Increase in additional paid-in capital for the conversion of OP Units into common stock	914		2,419		7,755		24,153
Change from net income (loss) attributable to common stockholders and transfers from non-controlling interests	$	(6,063)	$	(5,785)	$	232	$	7,651

Schedule of equity securities repurchased

The following table summarizes our purchases of equity securities in each of the three months ended September 30, 2021:

Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan	Maximum Approximate Dollar Value Available for Future Purchase (in thousands)
July 2021	—	$	—	—	$	496,467
August 2021	403,831	$	10.54	403,831	$	492,212
September 2021	221,771	$	10.17	221,771	$	489,958

Summary of restricted stock and LTIP unit activity

The following is a summary of restricted stock and LTIP unit activity for the nine months ended September 30, 2021:

	Restricted Stock	LTIP Units	Weighted Average Grant Fair Value
Unvested balance at December 31, 2020	217,700	7,750,284	$	6.94
Vested	(71,944)	(992,776)	11.53
Granted	123,359	2,230,579	8.52
Forfeited or unearned	(41,950)	(1,449,361)	5.67
Unvested balance at September 30, 2021	227,165	7,538,726	$	7.03

Earnings per share

Earnings per share for the three and nine months ended September 30, 2021 and 2020 is computed as follows (amounts in thousands, except per share amounts):

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Numerator - Basic:
Net loss	$	(10,183)	$	(12,269)	$	(8,963)	$	(23,599)
Private perpetual preferred unit distributions	(1,050)		(1,050)		(3,151)		(3,147)
Net loss attributable to non-controlling interests	4,256		5,115		4,591		10,244
Earnings allocated to unvested shares	(9)		(24)		(18)		(60)
Net loss attributable to common stockholders – basic	$	(6,986)	$	(8,228)	$	(7,541)	$	(16,562)
Numerator - Diluted:
Net loss	$	(10,183)	$	(12,269)	$	(8,963)	$	(23,599)
Private perpetual preferred unit distributions	(1,050)		(1,050)		(3,151)		(3,147)
Earnings allocated to unvested shares	(9)		(24)		(18)		(60)
Net loss attributable to common stockholders – diluted	$	(11,242)	$	(13,343)	$	(12,132)	$	(26,806)
Denominator:
Weighted average shares outstanding – basic	172,494		173,048		172,487		176,299
Operating partnership units	105,222		107,892		105,342		109,341
Effect of dilutive securities:
Stock-based compensation plans	—		—		—		—
Weighted average shares outstanding – diluted	277,716		280,940		277,829		285,640
Earnings per share:
Basic	$	(0.04)	$	(0.05)	$	(0.04)	$	(0.09)
Diluted	$	(0.04)	$	(0.05)	$	(0.04)	$	(0.09)