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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental and other property income $ 43,559 $ 70,794 $ 170,803 $ 223,026
Interest income 66,222 19,755 142,669 48,168
Total revenues 109,781 90,549 313,472 271,194
Operating expenses:        
General and administrative 3,435 3,076 10,590 11,109
Property operating 4,432 11,157 17,408 32,632
Real estate tax 1,793 7,591 10,530 27,516
Expense reimbursements to related parties 3,428 2,516 10,899 8,387
Management fees 12,915 11,703 39,613 35,035
Transaction-related 9 6 462 37
Depreciation and amortization 16,948 22,801 54,104 73,186
Real estate impairment 527 891 19,814 5,268
Increase (decrease) in provision for credit losses 5,664 (1,792) 15,315 (1,101)
Total operating expenses 49,151 57,949 178,735 192,069
Gain on disposition of real estate and condominium developments, net 4,454 34,033 118,135 80,502
Merger-related expenses, net 0 (398) 0 (398)
Operating income (loss) 65,084 66,235 252,872 159,229
Other expense:        
Gain on investment in unconsolidated entities 2,195 0 8,858 0
Unrealized (loss) gain on equity security (9,030) 0 (15,440) 0
Interest expense and other, net (39,366) (20,381) (98,453) (56,863)
Loss on extinguishment of debt (3,344) (3,251) (19,584) (4,729)
Total other expense (49,545) (23,632) (124,619) (61,592)
Net income 15,539 42,603 128,253 97,637
Net income allocated to noncontrolling interest 129 0 66 0
Net income attributable to the Company $ 15,410 $ 42,603 $ 128,187 $ 97,637
Weighted average number of common shares outstanding:        
Basic (shares) 437,298,345 362,705,253 437,339,348 362,387,909
Diluted (shares) 437,298,345 362,705,253 437,339,348 362,387,909
Net income per common share:        
Basic (USD per share) $ 0.04 $ 0.12 $ 0.29 $ 0.27
Diluted (USD per share) $ 0.04 $ 0.12 $ 0.29 $ 0.27