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BENEFICIARIES' EQUITY OF THE PARENT COMPANY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
BENEFICIARIES' EQUITY OF THE PARENT COMPANY
11. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY
Earnings per Share (EPS)
The following table details the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):
Three Months Ended June 30,
20262025
BasicDilutedBasicDiluted
Numerator
Net loss$(31,535)$(31,535)$(88,936)$(88,936)
Net loss attributable to noncontrolling interests125 125 267 267 
Nonforfeitable dividends allocated to unvested restricted shareholders(248)(248)(322)(322)
Net loss attributable to common shareholders$(31,658)$(31,658)$(88,991)$(88,991)
Denominator
Weighted-average shares outstanding174,384,600 174,384,600 173,532,583 173,532,583 
Weighted-average shares outstanding174,384,600 174,384,600 173,532,583 173,532,583 
Loss per Common Share:
Net loss attributable to common shareholders$(0.18)$(0.18)$(0.51)$(0.51)
Six Months Ended June 30,
20262025
BasicDilutedBasicDiluted
Numerator
Net loss$(80,339)$(80,339)$(115,992)$(115,992)
Net loss attributable to noncontrolling interests338 338 348 348 
Nonforfeitable dividends allocated to unvested restricted shareholders(566)(566)(751)(751)
Net loss attributable to common shareholders$(80,567)$(80,567)$(116,395)$(116,395)
Denominator
Weighted-average shares outstanding174,072,403 174,072,403 173,225,737 173,225,737 
Weighted-average shares outstanding174,072,403 174,072,403 173,225,737 173,225,737 
Loss per Common Share:
Net loss attributable to common shareholders$(0.46)$(0.46)$(0.67)$(0.67)
The contingent securities/share-based compensation impact is calculated using the treasury stock method and relates to employee awards settled in shares of the Parent Company. The effect of these securities is anti-dilutive for periods that the Parent Company incurs a net loss from continuing operations available to common shareholders and therefore is excluded from the dilutive earnings per share calculation in such periods.
Redeemable common limited partnership units totaling 515,595 at June 30, 2026 and June 30, 2025 were excluded from the diluted earnings per share computations because they are not dilutive.
Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and six months ended June 30, 2026 and 2025, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company’s shareholder-approved long-term equity incentive plan.
Common Shares
On May 28, 2026, the Parent Company declared a distribution of $0.08 per common share, totaling $14.3 million, which was paid on July 22, 2026 to shareholders of record as of July 8, 2026.
The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase its common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million of the Company's common shares from and after January 3, 2019. During the three months ended June 30, 2026, the Company did not repurchase any common shares under the program. During the six months ended June 30, 2026, the Company repurchased and retired 700,000 common shares at an average price of $3.10 per share, totaling $2.2 million. During the three months and six months ended June 30, 2025, the Company did not repurchase any common shares under the program.