v3.26.3
Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company$(233,273)$5,742 $(208,531)$11,273 
Less: dividends on preferred stock(7,594)(8,667)(23,375)(26,928)
Less: deemed dividends on preferred stock— (5,251)(4,771)(11,086)
Less: dividends on common stock— (3,410)— (10,174)
Less: dividends on unvested performance stock units— (20)— (58)
Undistributed net income (loss) allocated to common stockholders(240,867)(11,606)(236,677)(36,973)
Add back: dividends on common stock— 3,410 — 10,174 
Distributed and undistributed net income (loss) - basic and diluted$(240,867)$(8,196)$(236,677)$(26,799)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted68,679 68,219 68,598 67,419 
Income (loss) per share - basic and diluted:
Net income (loss) allocated to common stockholders per share$(3.51)$(0.12)$(3.45)$(0.40)
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested performance stock units$— $20 $— $58 
Income (loss) attributable to redeemable noncontrolling interests in operating partnership(16,104)(607)(15,805)(2,358)
Dividends on preferred stock - Series B1,058 1,058 3,174 3,174 
Interest expense on Convertible Senior Notes— 1,135 1,940 3,399 
Dividends on preferred stock - Series E (inclusive of deemed dividends)4,983 11,292 20,305 30,097 
Dividends on preferred stock - Series M (inclusive of deemed dividends)728 743 2,192 2,268 
Total$(9,335)$13,641 $11,806 $36,638 
Weighted average diluted shares are not adjusted for:
Effect of unvested performance stock units— 63 — 77 
Effect of assumed conversion of operating partnership units4,592 5,092 4,675 6,057 
Effect of assumed conversion of preferred stock - Series B4,116 4,116 4,116 4,116 
Effect of assumed conversion of Convertible Senior Notes— 16,889 9,636 16,581 
Effect of assumed conversion of preferred stock - Series E159,684 116,179 141,397 126,870 
Effect of assumed conversion of preferred stock - Series M20,400 12,633 17,525 13,417 
Total188,792 154,972 177,349 167,118