Earnings per Share and Unit

12 Months Ended

Dec. 31, 2024

Earnings Per Share And Unit [Abstract]

Earnings per Share and Unit

15.Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

	Year ended December 31,
(in thousands, except per share data)	2024		2023		2022
Numerator:
Net income attributable to common shareholders - basic	$	386,738		359,500		482,865
Net income attributable to common shareholders - diluted	$	386,738		359,500		482,865
Denominator:
Weighted average common shares outstanding for basic EPS		182,817		176,085		171,404
Weighted average common shares outstanding for diluted EPS (1)		183,040		176,371		171,791
Net income per common share – basic	$	2.12		2.04		2.82
Net income per common share – diluted	$	2.11		2.04		2.81

(1)Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under the forward sale agreements.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,099,187, 953,085 and 748,336 for the year ended December 31, 2024, 2023 and 2022, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):

	Year ended December 31,
(in thousands, except per unit data)	2024		2023		2022
Numerator:
Net income attributable to common unit holders - basic	$	389,076		361,508		484,970
Net income attributable to common unit holders - diluted	$	389,076		361,508		484,970
Denominator:
Weighted average common units outstanding for basic EPU		183,916		177,038		172,152
Weighted average common units outstanding for diluted EPU (1)		184,139		177,324		172,540
Net income per common unit – basic	$	2.12		2.04		2.82
Net income per common unit – diluted	$	2.11		2.04		2.81

(1)Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under the forward sale agreements.

The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.