We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company.

We calculate basic net income per common share based upon net income allocable to common shareholders divided by the weighted-average common shares. For diluted net income per common share, net income allocable to common shareholders is adjusted to add back the dilutive effects of if-converted non controlling interest shares, divided by the weighted-average common shares adjusted for the impact of dilutive stock options, OP Options, AO LTIP units, Forward ATM Offerings, and the assumed conversion of noncontrolling interest shares under the if-converted method when their effect is dilutive. Stock options, OP Options, AO LTIP units and Forward ATM Offerings equivalent to 1,923,300 common shares were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2026, as compared to 552,302 common shares for the same period in 2025, because their effect would have been antidilutive.



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(Amounts in thousands, except per share data)
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$	450,258	$	308,968	$	927,046	$	667,198
Effect of assumed conversion of noncontrolling interest shares	665		—		1,513		—
Numerator for dilutive net income per common share- net income allocable to common shareholders	$	450,923	$	308,968	$	928,559	$	667,198

Denominator for basic net income per share - weighted average common shares outstanding	175,561		175,442		175,540		175,431
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method	481		479		445		501
Net effect of noncontrolling interest shares - based on if-converted method	470		—		470		—
Denominator for dilutive net income per share - weighted average common shares outstanding	176,512		175,921		176,455		175,932

Net income per common share:
Basic	$	2.56	$	1.76	$	5.28	$	3.80
Dilutive	$	2.55	$	1.76	$	5.26	$	3.79