Shareholders' Equity and Loss Per Common Share

3 Months Ended

Mar. 31, 2025

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

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 three months ended March 31, 2025, we repurchased and retired 12.2 million common shares for $187.5 million, a weighted average purchase price per share of $15.43. During the three months ended March 31, 2024, we repurchased and retired 3.0

million common shares for $49.4 million, a weighted average purchase price per share of $16.50. Since we began the share repurchase program through March 31, 2025, we have repurchased and retired 69.0 million common shares for $1.3 billion, a weighted average purchase price per share of $19.08.

Loss Per Common Share

Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Unvested share-based compensation awards that entitle holders to receive non-forfeitable distributions are considered participating securities. Consequently, we are required to apply the two-class method of computing basic and diluted earnings (loss) that would otherwise have been available to common shareholders. Under the two-class method, earnings for the period are allocated between common shareholders and participating securities based on their respective rights to receive dividends. During periods of net loss, losses are allocated only to the extent the participating securities are required to absorb their share of such losses. Distributions to participating securities in excess of their allocated income or loss are shown as a reduction to net income (loss) attributable to common shareholders. Diluted earnings (loss) per common share reflects the potential dilution of the assumed exchange of various unit and share-based compensation awards into common shares to the extent they are dilutive.

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

	Three Months Ended March 31,
	2025		2024
	(In thousands, except per share amounts)
Net loss	$	(53,698)	$	(42,190)
Net loss attributable to redeemable noncontrolling interests		7,978		4,534
Net loss attributable to noncontrolling interests		—		5,380
Net loss attributable to common shareholders		(45,720)		(32,276)
Distributions to participating securities		—		(654)
Net loss available to common shareholders - basic and diluted	$	(45,720)	$	(32,930)
Weighted average number of common shares outstanding - basic and diluted		81,521		92,635
Loss per common share - basic and diluted	$	(0.56)	$	(0.36)

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 March 31, 2025 and 2024 is excluded in the computation of diluted 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 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 loss available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted loss per common share. AO LTIP Units, Performance-Based LTIP Units, formation awards and RSUs, which totaled 7.9 million for the three months ended March 31, 2025 and 2024, 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 2025

On April 24, 2025, our Board of Trustees declared a quarterly dividend of $0.175 per common share, payable on May 22, 2025 to shareholders of record as of May 8, 2025.