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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues from operations:        
Rental income $ 30,662 $ 85,536 $ 62,112 $ 177,262
Fee and other income 2,808 1,979 13,981 4,305
Total revenue from operations 33,470 87,515 76,093 181,567
Rental operation expenses:        
Operating and maintenance 6,457 13,961 13,589 28,996
Real estate taxes 4,690 13,173 9,411 26,890
Impairment charges     0 66,600
General and administrative 9,418 14,878 18,813 28,424
Depreciation and amortization 12,921 31,106 26,173 65,056
Total rental operation expenses 33,486 73,118 67,986 215,966
Other income (expense):        
Interest expense (5,314) (18,260) (10,879) (36,923)
Interest income 722 8,549 1,083 15,843
Gain on debt retirement 0 277 0 1,037
Debt extinguishment costs (504) (9,598) (504) (10,263)
Loss on derivative instruments 0 (1,070) 0 (5,166)
Other income (expense), net (1,373) (230) (2,126) (526)
Total other income (expense) (6,469) (20,332) (12,426) (35,998)
Loss before earnings from discontinued operations, equity method investments and other items (6,485) (5,935) (4,319) (70,397)
Equity in net (loss) income of joint ventures (68) 61 (29) 78
Gain on sale and change in control of interest 0 2,669 0 2,669
Gain on disposition of real estate, net 53,236 233,316 54,265 265,030
Income before tax expense 46,683 230,111 49,917 197,380
Tax expense of taxable REIT subsidiaries and state franchise and income taxes (179) (281) (328) (533)
Income from continuing operations 46,504 229,830 49,589 196,847
Income from discontinued operations 0 8,415 0 17,846
Net income 46,504 238,245 49,589 214,693
Preferred dividends 0 (2,789) 0 (5,578)
Net income attributable to common shareholders $ 46,504 $ 235,456 $ 49,589 $ 209,115
Basic:        
Income from continuing operations, Basic $ 0.88 $ 4.33 $ 0.94 $ 3.65
Income from discontinued operations, Basic 0 0.16 0 0.34
Total, Basic 0.88 4.49 0.94 3.99
Diluted:        
Income from continuing operations, Diluted 0.88 4.29 0.94 3.63
Income from discontinued operations, Diluted 0 0.16 0 0.34
Total, Diluted $ 0.88 $ 4.45 $ 0.94 $ 3.97