Earnings Per Share and Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per share – basic:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Allocation to Noncontrolling Interests – Operating Partnership		(13,278	)		(11,613	)		(5,003	)		(4,554	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – basic	$	470,924		$	349,693		$	177,128		$	138,430
Numerator for net income per share – diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Preferred distributions		(902	)		(1,545	)		(355	)		(773	)
Premium on redemption of Preferred Shares		(1,444	)		—			—			—
Numerator for net income per share – diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,699			378,492			378,578			378,642
Effect of dilutive securities:
OP Units		10,681			11,450			10,693			11,390
Long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per share – diluted		390,548			391,063			390,542			391,187
Net income per share – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per share – diluted	$	1.24		$	0.92		$	0.47		$	0.37

ERPOP [Member]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Numerator for net income per Unit – basic and diluted:
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,039	)		(2,082	)		(1,069	)		(1,105	)
Allocation to Preference Units		(902	)		(1,545	)		(355	)		(773	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—			—
Numerator for net income per Unit – basic and diluted	$	484,202		$	361,306		$	182,131		$	142,984
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,380			389,942			389,271			390,032
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,168			1,121			1,271			1,155
Denominator for net income per Unit – diluted		390,548			391,063			390,542			391,187
Net income per Unit – basic	$	1.24		$	0.92		$	0.47		$	0.37
Net income per Unit – diluted	$	1.24		$	0.92		$	0.47		$	0.37