Earnings Per Share

6 Months Ended

Jun. 30, 2026

The following is a reconciliation of the calculation of basic and diluted earnings per share (“EPS”):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to common stockholders (in thousands)	$	90,480	$	38,381	$	104,944	$	47,784


Denominator:
Weighted-average number of common shares outstanding—basic	205,081,651		206,804,961		204,772,118		207,652,548
Effect of dilutive securities:
Unvested restricted common stock	233,167		32,059		282,420		195,762

Shares related to unvested PSUs	782,134		1,079,288		843,055		1,313,049
Weighted-average number of common shares outstanding—diluted	206,096,952		207,916,308		205,897,593		209,161,359
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.44	$	0.19	$	0.51	$	0.23
Earnings per share available to common stockholders—diluted	$	0.44	$	0.18	$	0.51	$	0.23

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the basic and diluted EPS calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income available to common stockholders.