CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)
$ in Thousands |
Total |
Preferred Stock |
COMMON SHARES, $0.01 PAR VALUE |
PAID IN CAPITAL |
RETAINED EARNINGS |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
OPERATING PARTNERSHIP |
PARTIALLY OWNED PROPERTIES |
| Balance, beginning of year at Dec. 31, 2024 |
|
$ 17,155
|
$ 3,795
|
$ 9,611,826
|
$ 1,407,570
|
$ 4,214
|
|
|
| Balance, beginning of year at Dec. 31, 2024 |
|
|
|
|
|
|
$ 201,942
|
$ (718)
|
| COMMON SHARES, $0.01 PAR VALUE |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
2
|
8,771
|
|
|
|
|
| Exercise of share options |
|
|
1
|
5,356
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
|
1,413
|
|
|
|
|
| Share-based employee compensation expense: |
|
|
|
|
|
|
|
|
| Restricted shares |
|
|
2
|
9,337
|
|
|
|
|
| Share options |
|
|
|
2,656
|
|
|
|
|
| ESPP discount |
|
|
|
258
|
|
|
|
|
| Offering costs |
|
|
|
(481)
|
|
|
|
|
| Supplemental Executive Retirement Plan (SERP) |
|
|
|
(740)
|
|
|
|
|
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership |
$ (19,568)
|
|
|
19,568
|
|
|
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
(1,692)
|
|
|
1,692
|
|
| PAID IN CAPITAL |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
2
|
8,771
|
|
|
|
|
| Exercise of share options |
|
|
1
|
5,356
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
|
1,413
|
|
|
|
|
| RETAINED EARNINGS |
|
|
|
|
|
|
|
|
| Net income attributable to controlling interests |
448,948
|
|
|
|
448,948
|
|
|
|
| Common Share distributions |
|
|
|
|
(526,428)
|
|
|
|
| Preferred Share distributions |
|
|
|
|
(711)
|
|
|
|
| Accumulated other comprehensive income (loss) - derivative instruments: |
|
|
|
|
|
|
|
|
| Unrealized holding gains (losses) arising during the period |
(3,550)
|
|
|
|
|
(3,550)
|
|
|
| Losses reclassified into earnings from other comprehensive income |
$ 951
|
|
|
|
|
951
|
|
|
| DISTRIBUTIONS |
|
|
|
|
|
|
|
|
| Distributions declared per Common Share outstanding |
$ 1.385
|
|
|
|
|
|
|
|
| NONCONTROLLING INTERESTS |
|
|
|
|
|
|
|
|
| Issuance of restricted units/shares |
|
|
|
|
|
|
4
|
|
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner |
|
|
|
|
|
|
(8,773)
|
|
| Equity compensation associated with Noncontrolling Interests |
|
|
|
|
|
|
10,593
|
|
| Net income attributable to Noncontrolling Interests |
$ 12,328
|
|
|
|
|
|
12,328
|
2,307
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(16,159)
|
(4,052)
|
| Change in book value of Redeemable Noncontrolling Interests - Operating Partnership |
(1,090)
|
|
|
|
|
|
1,090
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
(1,692)
|
|
|
1,692
|
|
| PARTIALLY OWNED PROPERTIES |
|
|
|
|
|
|
|
|
| Net income attributable to Noncontrolling Interests |
12,328
|
|
|
|
|
|
12,328
|
2,307
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(16,159)
|
(4,052)
|
| Balance, end of period at Jun. 30, 2025 |
|
17,155
|
3,800
|
9,656,272
|
1,329,379
|
1,615
|
|
|
| Balance, end of period at Jun. 30, 2025 |
|
|
|
|
|
|
202,717
|
(2,463)
|
| Balance, beginning of year at Mar. 31, 2025 |
|
17,155
|
3,798
|
9,622,470
|
1,400,511
|
3,396
|
|
|
| Balance, beginning of year at Mar. 31, 2025 |
|
|
|
|
|
|
207,090
|
(2,989)
|
| COMMON SHARES, $0.01 PAR VALUE |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
1
|
4,365
|
|
|
|
|
| Exercise of share options |
|
|
1
|
996
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
|
471
|
|
|
|
|
| Share-based employee compensation expense: |
|
|
|
|
|
|
|
|
| Restricted shares |
|
|
|
4,901
|
|
|
|
|
| Share options |
|
|
|
1,377
|
|
|
|
|
| ESPP discount |
|
|
|
64
|
|
|
|
|
| Offering costs |
|
|
|
(481)
|
|
|
|
|
| Supplemental Executive Retirement Plan (SERP) |
|
|
|
(851)
|
|
|
|
|
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership |
|
|
|
18,813
|
|
|
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
4,147
|
|
|
(4,147)
|
|
| PAID IN CAPITAL |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
1
|
4,365
|
|
|
|
|
| Exercise of share options |
|
|
1
|
996
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
|
471
|
|
|
|
|
| RETAINED EARNINGS |
|
|
|
|
|
|
|
|
| Net income attributable to controlling interests |
192,356
|
|
|
|
192,356
|
|
|
|
| Common Share distributions |
|
|
|
|
(263,133)
|
|
|
|
| Preferred Share distributions |
|
|
|
|
(355)
|
|
|
|
| Accumulated other comprehensive income (loss) - derivative instruments: |
|
|
|
|
|
|
|
|
| Unrealized holding gains (losses) arising during the period |
(2,046)
|
|
|
|
|
(2,046)
|
|
|
| Losses reclassified into earnings from other comprehensive income |
$ 265
|
|
|
|
|
265
|
|
|
| DISTRIBUTIONS |
|
|
|
|
|
|
|
|
| Distributions declared per Common Share outstanding |
$ 0.6925
|
|
|
|
|
|
|
|
| NONCONTROLLING INTERESTS |
|
|
|
|
|
|
|
|
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner |
|
|
|
|
|
|
(4,366)
|
|
| Equity compensation associated with Noncontrolling Interests |
|
|
|
|
|
|
5,492
|
|
| Net income attributable to Noncontrolling Interests |
$ 5,226
|
|
|
|
|
|
5,226
|
1,203
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(7,559)
|
(677)
|
| Change in book value of Redeemable Noncontrolling Interests - Operating Partnership |
|
|
|
|
|
|
981
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
4,147
|
|
|
(4,147)
|
|
| PARTIALLY OWNED PROPERTIES |
|
|
|
|
|
|
|
|
| Net income attributable to Noncontrolling Interests |
5,226
|
|
|
|
|
|
5,226
|
1,203
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(7,559)
|
(677)
|
| Balance, end of period at Jun. 30, 2025 |
|
17,155
|
3,800
|
9,656,272
|
1,329,379
|
1,615
|
|
|
| Balance, end of period at Jun. 30, 2025 |
|
|
|
|
|
|
202,717
|
(2,463)
|
| Balance, beginning of year at Dec. 31, 2025 |
11,041,499
|
17,155
|
3,778
|
9,824,460
|
1,193,931
|
2,175
|
|
|
| Balance, beginning of year at Dec. 31, 2025 |
|
|
|
|
|
|
192,135
|
(789)
|
| COMMON SHARES, $0.01 PAR VALUE |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
1
|
5,931
|
|
|
|
|
| Exercise of share options |
|
|
1
|
6,923
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
1
|
1,525
|
|
|
|
|
| Common shares repurchased and retired |
(219,400)
|
|
(35)
|
|
(219,350)
|
|
|
|
| Share-based employee compensation expense: |
|
|
|
|
|
|
|
|
| Restricted shares |
|
|
3
|
14,250
|
|
|
|
|
| Share options |
|
|
|
2,464
|
|
|
|
|
| ESPP discount |
|
|
|
313
|
|
|
|
|
| Supplemental Executive Retirement Plan (SERP) |
|
|
|
136
|
|
|
|
|
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership |
16,823
|
|
|
(16,823)
|
|
|
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
1,011
|
|
|
(1,011)
|
|
| PAID IN CAPITAL |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
1
|
5,931
|
|
|
|
|
| Exercise of share options |
|
|
1
|
6,923
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
1
|
1,525
|
|
|
|
|
| RETAINED EARNINGS |
|
|
|
|
|
|
|
|
| Net income attributable to controlling interests |
204,214
|
|
|
|
204,214
|
|
|
|
| Common Share distributions |
|
|
|
|
(526,946)
|
|
|
|
| Preferred Share distributions |
|
|
|
|
(711)
|
|
|
|
| Accumulated other comprehensive income (loss) - derivative instruments: |
|
|
|
|
|
|
|
|
| Losses reclassified into earnings from other comprehensive income |
$ 573
|
|
|
|
|
573
|
|
|
| DISTRIBUTIONS |
|
|
|
|
|
|
|
|
| Distributions declared per Common Share outstanding |
$ 1.405
|
|
|
|
|
|
|
|
| NONCONTROLLING INTERESTS |
|
|
|
|
|
|
|
|
| Issuance of restricted units/shares |
|
|
|
|
|
|
2
|
|
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner |
|
|
|
|
|
|
(5,932)
|
|
| Equity compensation associated with Noncontrolling Interests |
|
|
|
|
|
|
3,456
|
|
| Net income attributable to Noncontrolling Interests |
$ 4,454
|
|
|
|
|
|
4,454
|
2,173
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(13,459)
|
(2,542)
|
| Change in book value of Redeemable Noncontrolling Interests - Operating Partnership |
(3,171)
|
|
|
|
|
|
3,171
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
1,011
|
|
|
(1,011)
|
|
| PARTIALLY OWNED PROPERTIES |
|
|
|
|
|
|
|
|
| Net income attributable to Noncontrolling Interests |
4,454
|
|
|
|
|
|
4,454
|
2,173
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(13,459)
|
(2,542)
|
| Balance, end of period at Jun. 30, 2026 |
10,514,980
|
17,155
|
3,749
|
9,840,190
|
651,138
|
2,748
|
|
|
| Balance, end of period at Jun. 30, 2026 |
|
|
|
|
|
|
182,816
|
(1,158)
|
| Balance, beginning of year at Mar. 31, 2026 |
|
17,155
|
3,747
|
9,846,857
|
800,704
|
2,460
|
|
|
| Balance, beginning of year at Mar. 31, 2026 |
|
|
|
|
|
|
187,137
|
(1,585)
|
| COMMON SHARES, $0.01 PAR VALUE |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
|
4,237
|
|
|
|
|
| Exercise of share options |
|
|
1
|
6,498
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
1
|
439
|
|
|
|
|
| Share-based employee compensation expense: |
|
|
|
|
|
|
|
|
| Restricted shares |
|
|
|
7,142
|
|
|
|
|
| Share options |
|
|
|
1,241
|
|
|
|
|
| ESPP discount |
|
|
|
96
|
|
|
|
|
| Change in market value of Redeemable Noncontrolling Interests - Operating Partnership |
|
|
|
(25,548)
|
|
|
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
(772)
|
|
|
772
|
|
| PAID IN CAPITAL |
|
|
|
|
|
|
|
|
| Conversion of OP Units into Common Shares |
|
|
|
4,237
|
|
|
|
|
| Exercise of share options |
|
|
1
|
6,498
|
|
|
|
|
| Employee Share Purchase Plan (ESPP) |
|
|
1
|
439
|
|
|
|
|
| RETAINED EARNINGS |
|
|
|
|
|
|
|
|
| Net income attributable to controlling interests |
114,135
|
|
|
|
114,135
|
|
|
|
| Common Share distributions |
|
|
|
|
(263,346)
|
|
|
|
| Preferred Share distributions |
|
|
|
|
(355)
|
|
|
|
| Accumulated other comprehensive income (loss) - derivative instruments: |
|
|
|
|
|
|
|
|
| Losses reclassified into earnings from other comprehensive income |
$ 288
|
|
|
|
|
288
|
|
|
| DISTRIBUTIONS |
|
|
|
|
|
|
|
|
| Distributions declared per Common Share outstanding |
$ 0.7025
|
|
|
|
|
|
|
|
| NONCONTROLLING INTERESTS |
|
|
|
|
|
|
|
|
| Issuance of restricted units/shares |
|
|
|
|
|
|
2
|
|
| Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner |
|
|
|
|
|
|
(4,237)
|
|
| Equity compensation associated with Noncontrolling Interests |
|
|
|
|
|
|
1,749
|
|
| Net income attributable to Noncontrolling Interests |
$ 2,501
|
|
|
|
|
|
2,501
|
1,104
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(6,135)
|
(677)
|
| Change in book value of Redeemable Noncontrolling Interests - Operating Partnership |
|
|
|
|
|
|
1,027
|
|
| Adjustment for Noncontrolling Interests ownership in Operating Partnership |
|
|
|
(772)
|
|
|
772
|
|
| PARTIALLY OWNED PROPERTIES |
|
|
|
|
|
|
|
|
| Net income attributable to Noncontrolling Interests |
2,501
|
|
|
|
|
|
2,501
|
1,104
|
| Distributions to Noncontrolling Interests |
|
|
|
|
|
|
(6,135)
|
(677)
|
| Balance, end of period at Jun. 30, 2026 |
$ 10,514,980
|
$ 17,155
|
$ 3,749
|
$ 9,840,190
|
$ 651,138
|
$ 2,748
|
|
|
| Balance, end of period at Jun. 30, 2026 |
|
|
|
|
|
|
$ 182,816
|
$ (1,158)
|