Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of equity securities repurchased

The following table summarizes our purchases of equity securities in each of the three months ended June 30, 2023:

Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Maximum Approximate Dollar Value Available for Future Purchase (in thousands)
April 1 - April 30, 2023	1,214,770	$	6.09	$	396,736
May 1 - May 31, 2023	2,700	$	6.00	$	396,720
June 1 - June 30, 2023	—	$	—	$	396,720

Schedule of restricted stock and LTIP unit activity

The following is a summary of restricted stock and LTIP unit activity for the six months ended June 30, 2023:

	Restricted Stock	Time-based LTIPs	Market-based LTIPs	Performance-based LTIPs	Weighted Average Grant Fair Value
Unvested balance at December 31, 2022	359,293	2,713,522	4,070,537	510,989	$	6.69
Vested	(106,910)	(1,146,682)	(311,815)	(1,222)	7.66
Granted	370,465	1,693,689	946,398	771,180	5.65
Forfeited or unearned	(8,413)	—	(1,692,910)	(2,751)	4.29
Unvested balance at June 30, 2023	614,435	3,260,529	3,012,210	1,278,196	6.52

Schedule of earnings per share

Earnings per share for the three and six months ended June 30, 2023 and 2022 is computed as follows (amounts in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Numerator - Basic:
Net income	$	36,955	$	48,695	$	48,649	$	31,474
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net income attributable to non-controlling interests	(14,050)		(18,065)		(18,175)		(11,083)
Earnings allocated to unvested shares	—		(64)		—		(71)
Net income attributable to common stockholders – basic	$	21,854	$	29,515	$	28,373	$	18,219
Numerator - Diluted:
Net income	$	36,955	$	48,695	$	48,649	$	31,474
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net (income) loss attributable to non-controlling interests in other partnerships	(1)		159		42		222
Earnings allocated to unvested shares	—		(64)		—		(71)
Net income attributable to common stockholders – diluted	$	35,903	$	47,739	$	46,590	$	29,524
Denominator:
Weighted average shares outstanding – basic	160,028		167,118		160,669		168,099
Operating partnership units	102,875		102,960		103,025		103,735
Effect of dilutive securities:
Stock-based compensation plans	1,293		7		1,042		3
Weighted average shares outstanding – diluted	264,196		270,085		264,736		271,837
Earnings per share:
Basic	$	0.14	$	0.18	$	0.18	$	0.11
Diluted	$	0.14	$	0.18	$	0.18	$	0.11