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PARTNERS' EQUITY OF THE PARENT COMPANY
 6 Months Ended
Jun. 30, 2025
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,
20252024
BasicDilutedBasicDiluted
Numerator
Net income (loss)$(88,936)$(88,936)$30,267 $30,267 
Net income attributable to noncontrolling interests— — (3)(3)
Nonforfeitable dividends allocated to unvested restricted unitholders(322)(322)(277)(277)
Net income (loss) attributable to common unitholders$(89,258)$(89,258)$29,987 $29,987 
Denominator
Weighted-average units outstanding174,048,178 174,048,178 173,078,731 173,078,731 
Contingent securities/Share based compensation— — — 2,132,515 
Total weighted-average units outstanding174,048,178 174,048,178 173,078,731 175,211,246 
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders$(0.51)$(0.51)$0.17 $0.17 
Six Months Ended June 30,
20252024
BasicDilutedBasicDiluted
Numerator
Net income (loss)$(115,992)$(115,992)$13,853 $13,853 
Net income attributable to noncontrolling interests— — (6)(6)
Nonforfeitable dividends allocated to unvested restricted unitholders(751)(751)(613)(613)
Net income (loss) attributable to common unitholders$(116,743)$(116,743)$13,234 $13,234 
Denominator
Weighted-average units outstanding173,741,332 173,741,332 172,900,681 172,900,681 
Contingent securities/Share based compensation— — — 1,957,064 
Total weighted-average units outstanding173,741,332 173,741,332 172,900,681 174,857,745 
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders$(0.67)$(0.67)$0.08 $0.08 
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, 2025 and 2024, 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 21, 2025, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $26.5 million, which was paid on July 17, 2025 to unitholders of record as of July 2, 2025.
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, 2025 and June 30, 2024, the Company did not repurchase any units under the program.