Equity (Tables)

3 Months Ended

Mar. 31, 2022

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
	March 31, 2022		March 31, 2021
Net loss attributable to common stockholders	$	(11,289)	$	(2,621)
Increase in additional paid-in capital for the conversion of OP Units into common stock	1,468		2,689
Change from net income (loss) attributable to common stockholders and transfers from non-controlling interests	$	(9,821)	$	68

Schedule of equity securities repurchased

The following table summarizes our purchases of equity securities in each of the three months ended March 31, 2022:

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)
January 2022	483,180	$	9.52	483,180	$	495,399
February 2022	50,000	$	9.12	50,000	$	494,943
March 2022	721,860	$	9.62	721,860	$	487,999

Summary of restricted stock and LTIP unit activity

The following is a summary of restricted stock and LTIP unit activity for the three months ended March 31, 2022:

	Restricted Stock	Time-based LTIPs	Market-based LTIPs	Performance-based LTIPs	Weighted Average Grant Fair Value
Unvested balance at December 31, 2021	214,408	2,499,592	5,039,134	—	$	7.02
Vested	(67,654)	(851,335)	—		10.36
Granted	228,592	1,320,792	780,155	578,943	7.21
Forfeited or unearned	(9,830)	—	(1,311,839)	—	7.20
Unvested balance at March 31, 2022	365,516	2,969,049	4,507,450	578,943	6.69

Earnings per share

Earnings per share for the three months ended March 31, 2022 and 2021 is computed as follows (amounts in thousands, except per share amounts):

	Three months ended
	March 31, 2022		March 31, 2021
Numerator - Basic:
Net loss	$	(17,221)	$	(3,191)
Private perpetual preferred unit distributions	(1,050)		(1,050)
Net loss attributable to non-controlling interests	6,982		1,620
Earnings allocated to unvested shares	(7)		—
Net loss attributable to common stockholders – basic	$	(11,296)	$	(2,621)
Numerator - Diluted:
Net loss	$	(17,221)	$	(3,191)
Private perpetual preferred unit distributions	(1,050)		(1,050)
Net loss attributable to non-controlling interests in other partnerships	63		—
Earnings allocated to unvested shares	(7)		—
Net loss attributable to common stockholders – diluted	$	(18,215)	$	(4,241)
Denominator:
Weighted average shares outstanding – basic	169,731		171,735
OP units	104,028		106,146
Effect of dilutive securities:
Stock-based compensation plans	—		—
Weighted average shares outstanding – diluted	273,759		277,881
Earnings per share:
Basic	$	(0.07)	$	(0.02)
Diluted	$	(0.07)	$	(0.02)