BENEFICIARIES' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 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 September 30,
	2025				2024
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(25,998)	$	(25,998)	$	(165,720)	$	(165,720)
Net loss attributable to noncontrolling interests	79		79		500		500
Nonforfeitable dividends allocated to unvested restricted shareholders	(313)		(313)		(276)		(276)


Net loss attributable to common shareholders	$	(26,232)	$	(26,232)	$	(165,496)	$	(165,496)
Denominator
Weighted-average shares outstanding	173,699,312		173,699,312		172,668,731		172,668,731

Weighted-average shares outstanding	173,699,312		173,699,312		172,668,731		172,668,731
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.15)	$	(0.15)	$	(0.96)	$	(0.96)


	Nine Months Ended September 30,
	2025				2024
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(141,990)	$	(141,990)	$	(151,867)	$	(151,867)
Net loss attributable to noncontrolling interests	427		427		452		452
Nonforfeitable dividends allocated to unvested restricted shareholders	(1,064)		(1,064)		(889)		(889)


Net loss attributable to common shareholders	$	(142,627)	$	(142,627)	$	(152,304)	$	(152,304)
Denominator
Weighted-average shares outstanding	173,385,330		173,385,330		172,480,325		172,480,325

Weighted-average shares outstanding	173,385,330		173,385,330		172,480,325		172,480,325
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.82)	$	(0.82)	$	(0.88)	$	(0.88)

Redeemable common limited partnership units totaling 515,595 at September 30, 2025 and September 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 nine months ended September 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 September 26, 2025, the Parent Company declared a distribution of $0.08 per common share, totaling $14.1 million, which was paid on October 23, 2025 to shareholders of record as of October 9, 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 nine months ended September 30, 2025 and September 30, 2024, the Company did not repurchase any common shares under the program.