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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES:        
Rental revenues $ 119,992 $ 124,783 $ 368,090 $ 379,949
Management, development and leasing fees 1,990 1,840 5,712 6,096
Other 3,107 2,728 10,069 9,532
Total revenues [1],[2] 125,089 129,351 383,871 395,577
EXPENSES:        
Property operating (23,336) (22,621) (67,903) (68,742)
Depreciation and amortization (32,326) (45,118) (109,030) (148,129)
Real estate taxes (13,271) (13,794) (35,568) (43,063)
Maintenance and repairs (8,890) (8,487) (28,007) (30,002)
General and administrative (15,402) (14,398) (50,647) (49,783)
Loss on impairment     (836)  
Litigation settlement 13 2,060 153 2,178
Other (15)   (142) (198)
Total expenses (93,227) (102,358) (291,980) (337,739)
OTHER INCOME (EXPENSES):        
Interest and other income 4,023 3,628 12,109 9,260
Interest expense (38,849) (42,891) (118,068) (130,588)
Loss on extinguishment of debt (819)   (819)  
Gain on deconsolidation   19,728   47,879
Gain on sales of real estate assets 12,816 3,414 16,487 4,896
Income tax provision (364) (1,263) (856) (1,381)
Equity in earnings of unconsolidated affiliates 7,084 3,266 18,826 2,822
Total other expenses (16,109) (14,118) (72,321) (67,112)
Net income (loss) 15,753 12,875 19,570 (9,274)
Net (income) loss attributable to noncontrolling interests in:        
Operating Partnership (1) 6 (1) 6
Other consolidated subsidiaries 446 381 1,423 4,001
Net income (loss) attributable to the Company 16,198 13,262 20,992 (5,267)
Earnings allocable to unvested restricted stock (333) (305) (852) (837)
Net income (loss) attributable to common shareholders $ 15,865 $ 12,957 $ 20,140 $ (6,104)
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ 0.52 $ 0.41 $ 0.65 $ (0.19)
Diluted earnings per share [3] $ 0.52 $ 0.41 $ 0.65 $ (0.19)
Weighted-average basic shares 30,756 31,305 31,149 31,307
Weighted-average diluted shares [3] 30,756 31,305 31,151 31,307
[1] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.
[2] Sales taxes are excluded from revenues.
[3] For the nine months ended September 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and nine months ended September 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,940 and 31,224, respectively, including 184 and 73, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and nine months ended September 30, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2023, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,334 and 31,320, respectively, including 29 and 13, respectively, contingently issuable shares related to unvested restricted stock awards.