NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator used to Calculate Basic and Diluted Net Income (Loss) per Share

The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2024, 2023, and 2022:

	(in thousands, except per share data)
	Year Ended December 31,
	2024		2023		2022
NUMERATOR
Net income (loss) attributable to controlling interests	(11,328)		41,325		(14,109)
Dividends to preferred shareholders	(4,821)		(6,428)		(6,428)
Redemption of preferred shares	(3,511)		—		—
Numerator for basic income (loss) per share – net income (loss) available to common shareholders	(19,660)		34,897		(20,537)
Noncontrolling interests – Operating Partnership and Series E preferred units(1)	—		4,877		—
Dividends to preferred unitholders(2)	—		—		—
Numerator for diluted income (loss) per share	$	(19,660)	$	39,774	$	(20,537)
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares	15,504		14,994		15,216
Effect of Series E preferred units	—		2,100		—
Effect of diluted restricted stock awards and restricted stock units	—		24		—
Denominator for diluted income (loss) per share	15,504		17,118		15,216
NET INCOME (LOSS) PER COMMON SHARE – BASIC	$	(1.27)	$	2.33	$	(1.35)
NET INCOME (LOSS) PER COMMON SHARE – DILUTED	$	(1.27)	$	2.32	$	(1.35)

(1)For the years ended December 31, 2024 and 2022, the impact of Units and Series E preferred units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive.

(2)For the years ended December 31, 2024, 2023, and 2022, dividends to preferred unitholders were excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive.