v3.25.2
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
REVENUES:        
Rental revenues $ 136,453 $ 124,071 $ 273,813 $ 248,098
Management, development and leasing fees 1,357 1,817 2,674 3,722
Other 3,095 3,777 6,186 6,962
Total revenues [1],[2] 140,905 129,665 282,673 258,782
EXPENSES:        
Property operating (23,583) (20,740) (49,461) (44,567)
Depreciation and amortization (39,702) (38,664) (85,243) (76,704)
Real estate taxes (15,027) (13,028) (30,758) (22,297)
Maintenance and repairs (10,372) (9,179) (23,838) (19,117)
General and administrative (15,188) (14,831) (35,895) (35,245)
Loss on impairment (1,457)   (1,457) (836)
Litigation settlement   72   140
Other (30) (127) (30) (127)
Total expenses (105,359) (96,497) (226,682) (198,753)
OTHER INCOME (EXPENSES):        
Interest and other income 3,164 4,082 6,632 8,086
Interest expense (43,959) (39,407) (88,184) (79,219)
Loss on extinguishment of debt (0)   (217)  
Gain (loss) on sales of real estate assets 1,339 (50) 22,871 3,671
Income tax (provision) benefit (369) (650) 102 (492)
Equity in earnings of unconsolidated affiliates 6,437 7,148 13,350 11,742
Total other expenses, net (33,388) (28,877) (45,446) (56,212)
Net income 2,158 4,291 10,545 3,817
Net income (loss) attributable to common shareholders        
Operating Partnership (2)   (8)  
Other consolidated subsidiaries 603 453 1,011 977
Net income attributable to the Company 2,759 4,744 11,548 4,794
Earnings allocable to unvested restricted stock (192) (260) (769) (519)
Net income attributable to common shareholders $ 2,567 $ 4,484 $ 10,779 $ 4,275
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ 0.08 $ 0.14 $ 0.35 $ 0.14
Diluted earnings per share [3] $ 0.08 $ 0.14 $ 0.35 $ 0.14
Weighted-average basic shares 30,456 31,150 30,438 31,348
Weighted-average diluted shares [3] 30,742 31,156 30,726 31,351
[1] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[2] Sales taxes are excluded from revenues.
[3] For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, 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 six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,832,900 and 30,828,038, respectively, including 90,604 and 102,232, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 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 six months ended June 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,183,259 and 31,370,543, respectively, including 26,957 and 19,532, respectively, contingently issuable shares related to unvested restricted stock awards.