Income (Loss) Per Share

3 Months Ended

Mar. 31, 2026

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 March 31,
		2026		2025
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company		$	17,704	$	10,998
Less: dividends on preferred stock		(8,040)		(9,269)
Less: deemed dividends on preferred stock		(4,763)		(4,276)
Less: dividends on common stock		—		(3,353)

Less: dividends on unvested performance stock units		—		(19)




Undistributed net income (loss) allocated to common stockholders		4,901		(5,919)
Add back: dividends on common stock		—		3,353
Distributed and undistributed net income (loss) - basic		$	4,901	$	(2,566)
Interest expense on Convertible Senior Notes		1,140		—


Dividends on preferred stock - Series M (inclusive of deemed dividends)		735		—
Distributed and undistributed net income (loss) - diluted		$	6,776	$	(2,566)




Weighted average common shares outstanding:
Weighted average common shares outstanding – basic		68,432		66,744


Effect of assumed conversion of Convertible Senior Notes		17,184		—

Effect of assumed conversion of preferred stock - Series M		14,673		—
Weighted average common shares outstanding – diluted		100,289		66,744

Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share		$	0.07	$	(0.04)
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share		$	0.07	$	(0.04)

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 March 31,
		2026		2025
Net income (loss) allocated to common stockholders is not adjusted for:

Income (loss) allocated to unvested performance stock units		$	—	$	19
Income (loss) attributable to redeemable noncontrolling interests in operating partnership		347		(262)
Dividends on preferred stock - Series B		1,058		1,058


Interest expense on Convertible Senior Notes		—		1,131
Dividends on preferred stock - Series E (inclusive of deemed dividends)		10,185		10,892
Dividends on preferred stock - Series M (inclusive of deemed dividends)		—		770
Total		$	11,590	$	13,608
Weighted average diluted shares are not adjusted for:

Effect of unvested performance stock units		—		43
Effect of assumed conversion of operating partnership units		4,840		6,786
Effect of assumed conversion of preferred stock - Series B		4,116		4,116


Effect of assumed conversion of Convertible Senior Notes		—		16,267
Effect of assumed conversion of preferred stock - Series E		123,303		135,669
Effect of assumed conversion of preferred stock - Series M		—		13,959
Total		132,259		176,840