| Schedule of Computation of Basic and Diluted Earnings per Share and Unit |
The following table sets forth the computation of our basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (Amounts in thousands, except per share amounts) | 2025 | | 2024 | | 2023 | | Numerator: | | | | | | | Net income attributable to common shareholders | $ | 93,535 | | | $ | 72,563 | | | $ | 248,497 | | | Less: earnings allocated to unvested participating securities | (58) | | | (65) | | | (200) | | | Net income available for common shareholders - basic | $ | 93,477 | | | $ | 72,498 | | | $ | 248,297 | | | Impact of assumed conversions: | | | | | | | LTIP units | 84 | | | — | | | 134 | | | Net income available for common shareholders - dilutive | $ | 93,561 | | | $ | 72,498 | | | $ | 248,431 | | | | | | | | | Denominator: | | | | | | | Weighted average common shares outstanding - basic | 125,686 | | | 121,324 | | | 117,506 | | | Effect of dilutive securities: | | | | | | | | | | | | | Restricted share awards | 79 | | | 108 | | | 91 | | | Assumed conversion of LTIP units | 142 | | | — | | | — | | | Weighted average common shares outstanding - diluted | 125,907 | | | 121,432 | | | 117,597 | | | | | | | | | Earnings per share available to common shareholders: | | | | | | | Earnings per common share - Basic | $ | 0.74 | | | $ | 0.60 | | | $ | 2.11 | | | Earnings per common share - Diluted | $ | 0.74 | | | $ | 0.60 | | | $ | 2.11 | |
Operating Partnership Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (Amounts in thousands, except per unit amounts) | 2025 | | 2024 | | 2023 | | Numerator: | | | | | | | Net income attributable to unitholders | $ | 98,527 | | | $ | 76,541 | | | $ | 260,396 | | | Less: net income attributable to participating securities | (1,327) | | | (1,108) | | | (200) | | | Net income available for unitholders | $ | 97,200 | | | $ | 75,433 | | | $ | 260,196 | | | | | | | | | Denominator: | | | | | | | Weighted average units outstanding - basic | 130,446 | | | 125,987 | | | 121,901 | | | Effect of dilutive securities issued by Urban Edge | 221 | | | 108 | | | 91 | | | | | | | | | Weighted average units outstanding - diluted | 130,667 | | | 126,095 | | | 121,992 | | | | | | | | | Earnings per unit available to unitholders: | | | | | | | Earnings per unit - Basic | $ | 0.75 | | | $ | 0.60 | | | $ | 2.13 | | | Earnings per unit - Diluted | $ | 0.74 | | | $ | 0.60 | | | $ | 2.13 | |
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