PARTNERS' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 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 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	3		3		20		20
Nonforfeitable dividends allocated to unvested restricted unitholders	(276)		(276)		(159)		(159)
Net loss attributable to common unitholders	$	(165,993)	$	(165,993)	$	(21,775)	$	(21,775)
Denominator
Total weighted-average units outstanding	173,184,325		173,184,325		172,614,128		172,614,128
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(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 (income) loss attributable to noncontrolling interests	(3)		(3)		21		21
Nonforfeitable dividends allocated to unvested restricted unitholders	(889)		(889)		(433)		(433)
Net loss attributable to common unitholders	$	(152,759)	$	(152,759)	$	(40,061)	$	(40,061)
Denominator
Total weighted-average units outstanding	172,995,920		172,995,920		172,429,019		172,429,019
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

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 nine months ended September 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 September 25, 2024, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $0.1 million, which was paid on October 24, 2024 to unitholders of record as of October 9, 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 nine months ended September 30, 2024 and September 30, 2023, the Company did not repurchase any units.