v3.26.1
Net Income Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company computes net income per share pursuant to the guidance in FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested RSUs and LTIP Units which contain rights to receive non-forfeitable dividends or dividend equivalents as participating securities requiring the two-class method of computing net income per share. Diluted net income per share of common stock further considers the effect of potentially dilutive shares of common stock outstanding during the period, including the assumed vesting of RSUs and LTIP Units with a market-based or service-based vesting condition, where dilutive. The OP Units and vested LTIP Units held by non-controlling interests represent potentially dilutive securities as the vested LTIP Units may be redeemed for OP Units and the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.
The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands):
Three months ended June 30,Six months ended June 30,
(dollar amounts in thousands)2026202520262025
Numerator for basic and diluted net income per share:
Net income$74,481 $63,370 $134,433 $119,651 
Less: net income attributable to non-controlling interests(194)(158)(353)(331)
Less: net income allocated to unvested RSUs and LTIP Units(377)(229)(739)(455)
Net income available for common stockholders: basic73,910 62,983 133,341 118,865 
Net income attributable to non-controlling interests194 158 353 331 
Net income available for common stockholders: diluted$74,104 $63,141 $133,694 $119,196 
Denominator for basic and diluted net income per share:
Weighted average shares outstanding used in basic net income per share216,260,528 197,551,003 213,235,988 193,030,913 
Effects of dilutive securities: (1)
OP Units and Vested LTIP Units837,265 553,847 703,978 553,847 
Unvested RSUs and LTIP Units587,456 913,324 617,082 867,491 
Forward sales233,706 614,137 451,026 865,427 
Weighted average shares outstanding used in diluted net income per share217,918,955 199,632,311 215,008,074 195,317,678 
_____________________________________
(1)The three months ended June 30, 2026 and 2025, respectively, exclude the impact of 39,420 and 151,652 unvested RSUs, unvested LTIP Units and unsettled forward equity sales, as the effect would have been antidilutive. The six months ended June 30, 2026 and 2025, respectively, exclude the impact of 32,024 and 128,621 unvested RSUs, unvested LTIP Units and unsettled forward equity sales, as the effect would have been antidilutive.