Earnings per Share

3 Months Ended

Mar. 31, 2026

Earnings per Share/Unit

Basic earnings per share/unit ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders/Operating Partnership's common unitholders, including the impact of any participating securities, by the weighted average number of shares/units outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock/units were exercised or converted into shares of common stock/common units.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025
Computation of Basic Earnings Per Share:
Net income	$	127,757	$	69,737
Net income attributable to non-controlling interests	(7)		(8)
Non-forfeitable dividends on unvested restricted shares(1)	(230)		(173)
Net income attributable to the Company’s common stockholders for basic earnings per share	$	127,520	$	69,556

Weighted average number shares outstanding – basic(2)	307,024		306,766

Basic earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.42	$	0.23

Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	127,520	$	69,556

Weighted average shares outstanding – basic	307,024		306,766
Effect of dilutive securities:(3)
Equity awards(4)	655		486
Weighted average shares outstanding – diluted	307,679		307,252

Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.41	$	0.23

(1)Certain unvested restricted shares issued pursuant to the Company’s share-based compensation program have rights to receive non-forfeitable dividends or dividend equivalents. These shares are considered participating securities and their impact on EPS is calculated using the two-class method. Under the two-class method earnings are allocated to the unvested restricted share awards based on dividends declared and their participation rights in undistributed earnings.

(2)Includes unvested restricted shares issued pursuant to the Company's share-based compensation program that qualify for retirement eligibility and no longer have a substantive service condition.

(3)As of March 31, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million shares of common stock. These shares were evaluated using the treasury stock method and were determined to be anti-dilutive as the forward sales price was higher than the average market price during the period. Accordingly, there were no shares included in the calculation of diluted EPS related to forward sale contracts. As of March 31, 2025, the Company did not have any unsettled forward sales contracts.

(4)Unvested restricted shares that did not qualify as participating securities were included in the diluted EPS calculation using the treasury stock method.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per unit data):


	Three Months Ended March 31,
	2026		2025
Computation of Basic Earnings Per Unit:
Net income	$	127,757	$	69,737
Net income attributable to non-controlling interests	(7)		(8)
Non-forfeitable distributions on unvested restricted units(1)	(230)		(173)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit	$	127,520	$	69,556

Weighted average number common units outstanding – basic(2)	307,024		306,766

Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit	$	0.42	$	0.23

Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit	$	127,520	$	69,556

Weighted average common units outstanding – basic	307,024		306,766
Effect of dilutive securities:(3)
Equity awards(4)	655		486
Weighted average common units outstanding – diluted	307,679		307,252

Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit	$	0.41	$	0.23

(1)Certain unvested restricted units issued pursuant to the Company’s share-based compensation program have rights to receive non-forfeitable distributions or distribution equivalents. These units are considered participating securities and their impact on EPS is calculated using the two-class method. Under the two-class method earnings are allocated to the unvested restricted unit awards based on distributions declared and their participation rights in undistributed earnings.

(2)Includes unvested restricted units issued pursuant to the Company's share-based compensation program that qualify for retirement eligibility and no longer have a substantive service condition.

(3)As of March 31, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million Operating Partnership units. These units were evaluated using the treasury stock method and were determined to be anti-dilutive as the forward sales price was higher than the average market price during the period. Accordingly, there were no units included in the determination of diluted EPS related to forward sale contracts. As of March 31, 2025, the Company did not have any unsettled forward sales contracts.

(4)Unvested restricted units that did not qualify as participating securities were included in the diluted EPS calculation using the treasury stock method.