Shareholders' Equity and Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2024

Shareholders' Equity and Earnings (Loss) Per Common Share

Shareholders' Equity and Earnings (Loss) Per Common Share

18.          Shareholders' Equity and Earnings (Loss) Per Common Share

Common Shares Repurchased

Our Board of Trustees previously authorized the repurchase of up to $1.5 billion of our outstanding common shares. In February 2025, our Board of Trustees increased our common share repurchase authorization to $2.0 billion. During the year ended December 31, 2024, we repurchased and retired 10.9 million common shares for $170.7 million, a weighted average purchase price per share of $15.60. During the year ended December 31, 2023, we repurchased and retired 22.6 million common shares for $335.3 million, a weighted average purchase price per share of $14.83. During the year ended December 31, 2022, we repurchased and retired 14.2 million common shares for $361.0 million, a weighted average purchase price per share of $25.49. Since we began the share repurchase program through December 31, 2024, we have repurchased and retired 56.8 million common shares for $1.1 billion, a weighted average purchase price per share of $19.87.

During the first quarter of 2025, through February 14, 2025, we repurchased and retired 2.1 million common shares for $32.3 million, a weighted average purchase price per share of $15.15, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Earnings (Loss) Per Common Share

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

	Year Ended December 31,
	2024		2023		2022
	(In thousands, except per share amounts)
Net income (loss)	$	(177,753)	$	(91,709)	$	98,986
Net (income) loss attributable to redeemable noncontrolling interests		22,202		10,596		(13,244)
Net (income) loss attributable to noncontrolling interests		12,025		1,135		(371)
Net income (loss) attributable to common shareholders		(143,526)		(79,978)		85,371
Distributions to participating securities		(2,463)		(2,054)		(1,860)
Net income (loss) available to common shareholders - basic and diluted	$	(145,989)	$	(82,032)	$	83,511
Weighted average number of common shares outstanding - basic and diluted		88,330		105,095		119,005
Earnings (loss) per common share - basic and diluted	$	(1.65)	$	(0.78)	$	0.70

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of the end of each period 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 equity awards, 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 7.9 million, 6.8 million and 5.9 million for each of the three years in the period ended December 31, 2024, were excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future.