| Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share |
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For the Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator for loss per share: |
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Net loss |
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(193,279 |
) |
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$ |
(194,409 |
) |
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(280,147 |
) |
Adjustments: |
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Dividends on and accretion to redemption value of Redeemable Series A Preferred stock |
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8,793 |
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8,801 |
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8,828 |
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Net income attributable to Series B Preferred stock |
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6,052 |
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6,052 |
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— |
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Net loss attributable to redeemable noncontrolling interests in the OP |
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(32,131 |
) |
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(29,162 |
) |
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(42,025 |
) |
Net loss attributable to redeemable noncontrolling interests in consolidated VIEs |
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(17,993 |
) |
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(30,703 |
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(22,694 |
) |
Net loss attributable to noncontrolling interests in consolidated VIEs |
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(2,468 |
) |
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(4,734 |
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(3,296 |
) |
Net loss attributable to common stockholders |
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$ |
(155,532 |
) |
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$ |
(144,663 |
) |
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$ |
(220,960 |
) |
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Denominator for earnings (loss) per share: |
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Weighted average common shares outstanding - basic |
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25,734 |
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25,263 |
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24,712 |
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Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) |
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— |
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— |
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— |
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Weighted average common shares outstanding - diluted |
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25,734 |
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25,263 |
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24,712 |
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Earnings (loss) per weighted average common share: |
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Basic |
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$ |
(6.04 |
) |
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$ |
(5.73 |
) |
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$ |
(8.94 |
) |
Diluted |
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$ |
(6.04 |
) |
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$ |
(5.73 |
) |
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$ |
(8.94 |
) |
(1)For the year ended December 31, 2025, 2024 and 2023, excludes approximately 6,258,000 shares, 5,521,286 shares and 5,004,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.
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