Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator for basic earnings per share - net income (loss) attributable to common stockholders	$	449,849	$	127,470	$	831,709	$	256,183
Adjustment for net income (loss) attributable to OP Units and DownREIT Units	1,221		64		1,235		(103)
Numerator for diluted earnings per share	$	451,070	$	127,534	$	832,944	$	256,080
Denominator for basic earnings per share - weighted average shares	611,290		521,848		595,353		504,420
Effect of dilutive securities:
Employee stock options	370		39		181		24
Non-vested restricted shares and units	2,517		1,141		1,686		968
OP Units and DownREIT Units	2,123		2,085		2,192		1,914
Employee stock purchase program	22		25		22		27
2028 Exchangeable Notes	1,984		—		757		—
Dilutive potential common shares	7,016		3,290		4,838		2,933
Denominator for diluted earnings per share - adjusted weighted average shares	618,306		525,138		600,191		507,353
Basic earnings per share	$	0.74	$	0.24	$	1.40	$	0.51
Diluted earnings per share	$	0.73	$	0.24	$	1.39	$	0.50