Shareholders' Equity and Loss Per Common Share

3 Months Ended

Mar. 31, 2022

Shareholders' Equity and Loss Per Common Share

Shareholders' Equity and Loss Per Common Share

14.Shareholders' Equity and Loss Per Common Share

Common Shares Repurchased

In March 2020, our Board of Trustees authorized the repurchase of up to $500.0 million of our outstanding common shares. During the three months ended March 31, 2022, we repurchased and retired 3.3 million common shares for $93.1 million, a weighted average purchase price per share of $27.86. During the three months ended March 31, 2021, we repurchased and retired 619,749 common shares for $19.2 million, a weighted average purchase price per share of $30.96. Since we began the share repurchase program, we have repurchased and retired 12.5 million common shares for $355.6 million, a weighted average purchase price per share of $28.45.

In April 2022, we repurchased and retired 707,000 common shares for $19.4 million, a weighted average purchase price per share of $27.39, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Loss Per Common Share

The following is a summary of the calculation of basic and diluted loss per common share and a reconciliation of the amounts of net loss attributable to common shareholders used in calculating basic and diluted loss per common share to net loss:

	Three Months Ended March 31,
	2022		2021
	(In thousands, except per share amounts)
Net loss	$	(77)	$	(24,069)
Net (income) loss attributable to redeemable noncontrolling interests		(10)		2,230
Net loss attributable to noncontrolling interests		55		1,108
Net loss attributable to common shareholders	$	(32)	$	(20,731)
Weighted average number of common shares outstanding - basic and diluted		126,682		131,540
Loss per common share - basic and diluted	$	—	$	(0.16)

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and Special Time-Based LTIP Units that were outstanding as of March 31, 2022 and 2021 is excluded in the computation of diluted earnings (loss) per common share as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted earnings (loss) per share). Since OP Units, Time-Based LTIP Units, LTIP Units and Special Time-Based LTIP Units, which are held by noncontrolling interests, are attributed gains at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average impact are excluded from net income (loss) available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted earnings (loss) per common share. AO LTIP

Units, Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 6.0 million and 3.9 million for the three months ended March 31, 2022 and 2021, were excluded from the calculation of diluted loss per common share as they were antidilutive, but potentially could be dilutive in the future.

Dividends Declared in April 2022

On April 29, 2022, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on May 27, 2022 to shareholders of record as of May 13, 2022.