v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
Three Months Ended
June 30,
Six Months Ended
June 30,
 2026202520262025
Numerator for basic earnings per share - net income (loss) attributable to common stockholders$445,002 $301,888 $1,173,674 $559,845 
Adjustment for net income (loss) attributable to OP Units and DownREIT Units8,650 915 21,559 1,865 
Numerator for diluted earnings per share
$453,652 $302,803 $1,195,233 $561,710 
Denominator for basic earnings per share - weighted average shares709,732 656,593 704,812 650,029 
Effect of dilutive securities:
Employee stock options
828 595 814 577 
Unvested restricted shares and units6,248 3,146 5,938 3,061 
OP Units and DownREIT Units
13,049 2,711 12,272 2,589 
Employee stock purchase program
25 19 20 20 
Exchangeable Notes8,074 5,076 8,281 4,728 
Dilutive potential common shares28,224 11,547 27,325 10,975 
Denominator for diluted earnings per share - adjusted weighted average shares
737,956 668,140 732,137 661,004 
Basic earnings per share$0.63 $0.46 $1.67 $0.86 
Diluted earnings per share$0.61 $0.45 $1.63 $0.85