PARTNERS' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

PARTNERS' EQUITY OF THE PARENT COMPANY

12. PARTNERS’ EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit

The following table details the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):

	Three Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net income attributable to noncontrolling interests	(3)		(3)		—		—
Nonforfeitable dividends allocated to unvested restricted unitholders	(277)		(277)		(204)		(204)
Net income (loss) attributable to common unitholders	$	29,987	$	29,987	$	(12,941)	$	(12,941)
Denominator
Total weighted-average units outstanding	173,078,731		175,211,246		172,478,629		172,478,629
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)

	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(6)		(6)		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(613)		(613)		(274)		(274)
Net income (loss) attributable to common unitholders	$	13,234	$	13,234	$	(18,286)	$	(18,286)
Denominator
Weighted-average units outstanding	172,900,681		172,900,681		172,334,930		172,334,930
Contingent securities/Share based compensation	—		1,957,064		—		—
Total weighted-average units outstanding	172,900,681		174,857,745		172,334,930		172,334,930
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per unit. For the three and six months ended June 30, 2024 and 2023, earnings representing nonforfeitable dividends were allocated to the unvested restricted units issued to the Parent Company’s executives and other employees under the Parent Company’s shareholder-approved long-term incentive plan.

Common Partnership Units

On May 23, 2024, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $0.1 million, which was paid on July 18, 2024 to unitholders of record as of July 3, 2024.

In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the six months ended June 30, 2024 and June 30, 2023, the Company did not repurchase any units.