BENEFICIARIES' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 30, 2024

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

11. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

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


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	500		500		82		82
Nonforfeitable dividends allocated to unvested restricted shareholders	(276)		(276)		(159)		(159)


Net loss attributable to common shareholders	$	(165,496)	$	(165,496)	$	(21,713)	$	(21,713)
Denominator
Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661

Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net loss attributable to noncontrolling interests	452		452		140		140
Nonforfeitable dividends allocated to unvested restricted shareholders	(889)		(889)		(433)		(433)


Net loss attributable to common shareholders	$	(152,304)	$	(152,304)	$	(39,942)	$	(39,942)
Denominator
Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552

Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

Redeemable common limited partnership units totaling 515,595 and 516,467 at September 30, 2024 and September 30, 2023, respectively, were excluded from the diluted earnings per share computations because they are not dilutive. The reduction in the number of outstanding common limited partnership units reflects the redemption for cash of 872 such units on December 19, 2023.

Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and nine months ended September 30, 2024 and 2023, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company’s shareholder-approved long-term equity incentive plan.

Common Shares

On September 25, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on October 24, 2024 to shareholders of record as of October 9, 2024.

The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase its common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million of the Company's common shares from and after January 3, 2019. During the nine months ended September 30, 2024 and September 30, 2023, the Company did not repurchase any common shares.