v3.26.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUES:        
Rental revenues $ 143,865 $ 134,786 $ 427,252 $ 408,599
Management, development and leasing fees 1,599 1,226 4,367 3,900
Other 3,233 3,268 9,525 9,454
Total revenues [1],[2] 148,697 139,280 441,144 421,953
EXPENSES:        
Property operating (27,341) (27,383) (81,371) (76,844)
Depreciation and amortization (35,084) (39,900) (109,465) (125,143)
Real estate taxes (14,730) (12,970) (42,851) (43,728)
Maintenance and repairs (11,375) (9,594) (34,549) (33,432)
General and administrative (14,204) (17,787) (47,573) (53,682)
Loss on impairment 0 (1,736) 0 (3,193)
Other   (45) 30 (75)
Total expenses (102,734) (109,415) (315,779) (336,097)
OTHER INCOME (EXPENSES):        
Interest and other income 8,400 3,247 14,849 9,879
Interest expense (66,127) (44,779) (148,742) (132,963)
Loss on extinguishment of debt     (0) (217)
(Loss) gain on deconsolidation (107) 33,851 41,152 33,851
Gain on sales of real estate assets 5,394 51,228 20,429 74,099
Income tax benefit (provision) 1,076 (48) 1,664 54
Equity in earnings of unconsolidated affiliates 17,246 1,696 49,834 15,046
Total other income (expenses), net (34,118) 45,195 (20,814) (251)
Net income 11,845 75,060 104,551 85,605
Net income (loss) attributable to common shareholders        
Operating Partnership (8)   (24) (8)
Other consolidated subsidiaries (44) 368 197 1,379
Net income attributable to the Company 11,793 75,428 104,724 86,976
Earnings allocable to unvested restricted stock (448) (1,161) (2,441) (1,345)
Net income attributable to common shareholders $ 11,345 $ 74,267 $ 102,283 $ 85,631
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ 0.38 $ 2.44 $ 3.39 $ 2.81
Diluted earnings per share [3] $ 0.37 $ 2.38 $ 3.31 $ 2.78
Weighted-average basic shares 30,222 30,406 30,209 30,427
Weighted-average diluted shares [3] 30,998 31,313 30,870 30,851
[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] Diluted EPS includes contingently issuable shares related to PSUs, calculated under the treasury stock method, for all periods presented. Unvested restricted stock awards were treated as follows:
•
Three months ended September 30, 2026: Some unvested restricted stock awards are included under the treasury stock method, and certain others are excluded due to their anti-dilutive nature. Had they been dilutive, the diluted EPS denominator would have been 31,560, including 563 incremental shares.
•
Nine months ended September 30, 2026: Some unvested restricted stock awards are included under the treasury stock method, and certain others are excluded due to their anti-dilutive nature. Had they been dilutive, the diluted EPS denominator would have been 31,377, including 507 incremental shares.
•
Three months ended September 30, 2025: Unvested restricted stock awards are included under the treasury stock method.
•
Nine months ended September 30, 2025: Unvested restricted stock awards are excluded due to their anti-dilutive nature. Had they been dilutive, the diluted EPS denominator would have been 30,988, including 136 incremental shares.