XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUE        
Property rental $ 120,294 $ 119,811 $ 364,919 $ 368,445
Third-party real estate services, including reimbursements 23,942 21,845 69,588 67,972
Other revenue 7,326 5,958 22,112 18,667
Total revenue 151,562 147,614 456,619 455,084
EXPENSES        
Depreciation and amortization 50,265 50,056 152,914 157,597
Property operating 37,588 36,380 109,112 112,469
Real estate taxes 14,413 14,738 44,061 47,870
General and administrative:        
Corporate and other 11,246 12,072 42,462 42,669
Third-party real estate services 21,405 21,230 67,333 72,422
Share-based compensation related to Formation Transaction and special equity awards 46 548 397 4,369
Transaction and other costs 1,830 1,746 7,794 4,632
Total expenses 136,793 136,770 424,073 442,028
OTHER INCOME (EXPENSE)        
Loss from unconsolidated real estate ventures, net (2,263) (13,867) (1,320) (12,829)
Interest and other income, net 7,774 984 14,132 16,902
Interest expense (27,903) (17,932) (80,580) (50,251)
Gain on the sale of real estate, net 906   41,606 158,631
Loss on the extinguishment of debt   (1,444) (450) (3,073)
Impairment loss (59,307)   (59,307)  
Total other income (expense) (80,793) (32,259) (85,919) 109,380
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (66,024) (21,415) (53,373) 122,436
Income tax expense (77) (166) (672) (2,600)
NET INCOME (LOSS) (66,101) (21,581) (54,045) 119,836
Net (income) loss attributable to redeemable noncontrolling interests 7,926 2,546 5,961 (15,712)
Net (income) loss attributable to noncontrolling interests 168 (258) 703 (174)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (58,007) $ (19,293) $ (47,381) $ 103,950
EARNINGS (LOSS) PER COMMON SHARE:        
EARNINGS (LOSS) PER COMMON SHARE - BASIC $ (0.58) $ (0.17) $ (0.45) $ 0.86
EARNINGS (LOSS) PER COMMON SHARE - DILUTED $ (0.58) $ (0.17) $ (0.45) $ 0.86
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 101,445 114,360 108,351 120,741
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 101,445 114,360 108,351 120,741