Earnings Per Share and Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2025

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,
	2025			2024			2025			2024
Numerator for net income per share – basic:
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Allocation to Noncontrolling Interests – Operating Partnership		(12,328	)		(13,278	)		(5,226	)		(5,003	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,307	)		(2,039	)		(1,203	)		(1,069	)
Preferred distributions		(711	)		(902	)		(355	)		(355	)
Premium on redemption of Preferred Shares		—			(1,444	)		—			—
Numerator for net income per share – basic	$	448,237		$	470,924		$	192,001		$	177,128
Numerator for net income per share – diluted:
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,307	)		(2,039	)		(1,203	)		(1,069	)
Preferred distributions		(711	)		(902	)		(355	)		(355	)
Premium on redemption of Preferred Shares		—			(1,444	)		—			—
Numerator for net income per share – diluted	$	460,565		$	484,202		$	197,227		$	182,131
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		379,359			378,699			379,508			378,578
Effect of dilutive securities:
OP Units		10,420			10,681			10,329			10,693
Long-term compensation shares/units		1,566			1,168			1,661			1,271
Denominator for net income per share – diluted		391,345			390,548			391,498			390,542
Net income per share – basic	$	1.18		$	1.24		$	0.51		$	0.47
Net income per share – diluted	$	1.18		$	1.24		$	0.50		$	0.47

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,
	2025			2024			2025			2024
Numerator for net income per Unit – basic and diluted:
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(2,307	)		(2,039	)		(1,203	)		(1,069	)
Allocation to Preference Units		(711	)		(902	)		(355	)		(355	)
Allocation to premium on redemption of Preference Units		—			(1,444	)		—			—
Numerator for net income per Unit – basic and diluted	$	460,565		$	484,202		$	197,227		$	182,131
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,779			389,380			389,837			389,271
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,566			1,168			1,661			1,271
Denominator for net income per Unit – diluted		391,345			390,548			391,498			390,542
Net income per Unit – basic	$	1.18		$	1.24		$	0.51		$	0.47
Net income per Unit – diluted	$	1.18		$	1.24		$	0.50		$	0.47