BENEFICIARIES' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2025

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 June 30,
	2025				2024
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(88,936)	$	(88,936)	$	30,267	$	30,267
Net (income) loss attributable to noncontrolling interests	267		267		(94)		(94)
Nonforfeitable dividends allocated to unvested restricted shareholders	(322)		(322)		(277)		(277)


Net income (loss) attributable to common shareholders	$	(88,991)	$	(88,991)	$	29,896	$	29,896
Denominator
Weighted-average shares outstanding	173,532,583		173,532,583		172,563,136		172,563,136
Contingent securities/Share based compensation	—		—		—		2,132,515
Weighted-average shares outstanding	173,532,583		173,532,583		172,563,136		174,695,651
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.51)	$	(0.51)	$	0.17	$	0.17


	Six Months Ended June 30,
	2025				2024
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(115,992)	$	(115,992)	$	13,853	$	13,853
Net (income) loss attributable to noncontrolling interests	348		348		(48)		(48)
Nonforfeitable dividends allocated to unvested restricted shareholders	(751)		(751)		(613)		(613)


Net income (loss) attributable to common shareholders	$	(116,395)	$	(116,395)	$	13,192	$	13,192
Denominator
Weighted-average shares outstanding	173,225,737		173,225,737		172,385,087		172,385,087
Contingent securities/Share based compensation	—		—		—		1,957,064
Weighted-average shares outstanding	173,225,737		173,225,737		172,385,087		174,342,151
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.67)	$	(0.67)	$	0.08	$	0.08

Redeemable common limited partnership units totaling 515,595 at June 30, 2025 and June 30, 2024 were excluded from the diluted earnings per share computations because they are not dilutive.

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 six months ended June 30, 2025 and 2024, 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 May 21, 2025, the Parent Company declared a distribution of $0.15 per common share, totaling $26.5 million, which was paid on July 17, 2025 to shareholders of record as of July 2, 2025.

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 six months ended June 30, 2025 and June 30, 2024, the Company did not repurchase any common shares under the program.