Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Amounts Used in Calculating Basic and Diluted Income (Loss) Per Share

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)

Schedule of Computation of Diluted Income (Loss) Per Share

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