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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental revenue $ 168,033,000 $ 179,678,000 $ 347,054,000 $ 359,401,000
Fee and other income 9,012,000 7,730,000 17,010,000 16,884,000
Total revenues 177,045,000 187,408,000 364,064,000 376,285,000
Expenses:        
Operating 74,884,000 74,192,000 152,934,000 145,932,000
Depreciation and amortization 60,062,000 61,735,000 118,941,000 122,849,000
General and administrative 24,311,000 16,632,000 41,772,000 33,266,000
Transaction related costs 709,000 423,000 859,000 601,000
Total expenses 159,966,000 152,982,000 314,506,000 302,648,000
Other income (expense):        
Loss from real estate related fund investments (23,000) (27,000) (49,000) (70,000)
(Loss) income from unconsolidated real estate related funds (224,000) (15,000) (150,000) 90,000
Income (loss) from unconsolidated joint ventures 52,000 (771,000) 1,959,000 (2,117,000)
Interest and other income, net 4,026,000 3,893,000 7,841,000 23,313,000
Interest and debt expense (42,284,000) (40,004,000) (85,484,000) (80,273,000)
(Loss) income before income taxes (21,374,000) (2,498,000) (26,325,000) 14,580,000
Income tax benefit (expense) 965,000 (362,000) 599,000 (709,000)
Net (loss) income (20,409,000) (2,860,000) (25,726,000) 13,871,000
Less net (income) loss attributable to noncontrolling interests in:        
Consolidated joint ventures (971,000) (6,269,000) (4,816,000) (11,475,000)
Consolidated real estate related funds (99,000) 589,000 (1,868,000) (173,000)
Operating Partnership 1,694,000 721,000 2,599,000 (177,000)
Net (loss) income attributable to common stockholders $ (19,785,000) $ (7,819,000) $ (29,811,000) $ 2,046,000
(Loss) income per Common Share - Basic:        
(Loss) income per common share - basic $ (0.09) $ (0.04) $ (0.14) $ 0.01
Weighted average common shares outstanding 219,216,715 217,204,870 218,614,427 217,155,278
(Loss) income per Common Share - Diluted:        
(Loss) income per common share - diluted $ (0.09) $ (0.04) $ (0.14) $ 0.01
Weighted average common shares outstanding 219,216,715 217,204,870 218,614,427 217,208,977