Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| REVENUE | ||||
| Property rental | $ 106,509 | $ 112,536 | $ 208,008 | $ 235,172 |
| Third-party real estate services, including reimbursements | 14,805 | 17,397 | 29,719 | 35,265 |
| Other revenue | 5,165 | 5,387 | 9,438 | 10,067 |
| Total revenue | 126,479 | 135,320 | 247,165 | 280,504 |
| EXPENSES | ||||
| Depreciation and amortization | 47,560 | 51,306 | 95,147 | 108,161 |
| Property operating | 34,875 | 36,254 | 68,312 | 71,533 |
| Real estate taxes | 12,651 | 14,399 | 24,823 | 28,194 |
| General and administrative: | ||||
| Corporate and other | 16,720 | 17,001 | 32,277 | 31,974 |
| Third-party real estate services | 13,562 | 18,650 | 29,633 | 40,977 |
| Transaction and other costs | 2,846 | 824 | 4,757 | 2,338 |
| Total expenses | 128,214 | 138,434 | 254,949 | 283,177 |
| OTHER INCOME (EXPENSE) | ||||
| Income (loss) from unconsolidated real estate ventures, net | 1,091 | (226) | 499 | 749 |
| Interest and other income, net | 698 | 3,432 | 1,223 | 5,532 |
| Interest expense | (35,571) | (31,973) | (70,771) | (62,133) |
| Gain on the sale of real estate, net | 41,832 | 89 | 42,369 | 286 |
| Gain (loss) on the extinguishment of debt, net | 2,234 | (2,402) | ||
| Impairment loss | (31,813) | (1,025) | (40,296) | (18,236) |
| Total other income (expense) | (21,529) | (29,703) | (69,378) | (73,802) |
| LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT | (23,264) | (32,817) | (77,162) | (76,475) |
| Income tax (expense) benefit | 83 | (597) | 283 | 871 |
| NET LOSS | (23,181) | (33,414) | (76,879) | (75,604) |
| Net loss attributable to redeemable noncontrolling interests | 3,940 | 3,454 | 11,918 | 7,988 |
| Net loss attributable to noncontrolling interests | 5,587 | 10,967 | ||
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (19,241) | $ (24,373) | $ (64,961) | $ (56,649) |
| LOSS PER COMMON SHARE: | ||||
| LOSS PER COMMON SHARE - BASIC | $ (0.29) | $ (0.27) | $ (0.87) | $ (0.63) |
| LOSS PER COMMON SHARE - DILUTED | $ (0.29) | $ (0.27) | $ (0.87) | $ (0.63) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 68,287 | 91,030 | 74,867 | 91,832 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 68,287 | 91,030 | 74,867 | 91,832 |
| X | ||||||||||
- Definition Revenue from Contract with Customer, Including Reimbursements. No definition available.
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| X | ||||||||||
- Definition Amounts of expenses related to third-party real estate services. No definition available.
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- Definition Transaction And Other Costs No definition available.
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| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense incurred and directly related to generating revenue by lessor from operating lease of rented property and equipment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Portion of net income (loss) attributable to nonredeemable noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of Net Income (Loss) attributable to redeemable noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of general and administrative expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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