Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall.


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	26,183	$	—	$	26,183	$	—
Other liabilities - Cash flow hedge swap agreements	$	5,030	$	—	$	5,030	$	—

Schedule of Fair Value of Financial Instruments

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:


	December 31, 2023				December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	1,886	$	1,900	$	95,965	$	101,900
Fixed rate notes receivable	$	—	$	—	$	5,191	$	5,241
Fixed rate debt	$	7,482,054	$	8,048,605	$	4,320,014	$	4,762,196

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share

The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:


	For the Year Ended December 31,
	2023	2022	2021
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	7,970,487	—	—

Series B Units	236,130	187,664	246,618
Series D Units	1,332,049	1,140,513	726,037
	9,538,666	1,328,177	972,655

Schedule of Computation of Earnings Per Common Share

The computation of earnings per share is as follows for the periods presented:


	For the Year Ended December 31,
	2023		2022		2021
Net income attributable to common stockholders	$	803,198	$	860,688	$	827,649
Earnings and dividends allocated to participating securities	(1,230)		(1,201)		(1,183)
Earnings for basic computations	801,968		859,487		826,466

Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		50,706		43,093
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(2,288)		(2,288)
Net income for diluted computations	$	801,968	$	907,905	$	867,271

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	169,216,989		134,050,815		133,374,938
OP Units	—		6,749,995		5,752,902
Series A Units	—		875,480		875,480



Shares related to dilutive stock options	3,893		5,098		12,708
Average number of common shares outstanding - diluted	169,220,882		141,681,388		140,016,028
Earnings per common share
Basic	$	4.74	$	6.41	$	6.20
Diluted	$	4.74	$	6.41	$	6.19