Income (Loss) Per Share (Tables)

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,
	2026		2025		2026		2025
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 diluted	68,679		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,
	2026		2025		2026		2025
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 B	1,058		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 units	4,592		5,092		4,675		6,057
Effect of assumed conversion of preferred stock - Series B	4,116		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 E	159,684		116,179		141,397		126,870
Effect of assumed conversion of preferred stock - Series M	20,400		12,633		17,525		13,417
Total	188,792		154,972		177,349		167,118