v3.26.1
Earnings per Share / Unit (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Net Income Per Share on Basic and Diluted Basis
The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share data):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2026202520262025
Numerator:
Net income$132,919 $123,624 $281,763 $252,337 
Less:
Noncontrolling interest 15,807 14,585 33,397 29,840 
Dividends on preferred shares3,486 3,486 6,972 6,972 
Allocation to participating securities (1)
376 343 760 689 
Numerator for income per common share–basic and diluted$113,250 $105,210 $240,634 $214,836 
   
Denominator:
Weighted-average common shares outstanding–basic360,629,168 370,692,250 362,445,489 370,538,451 
Effect of dilutive securities:
Share-based compensation plan (2)
179,053 367,720 197,865 378,537 
Weighted-average common shares outstanding–diluted (3)
360,808,221 371,059,970 362,643,354 370,916,988 
   
Net income per common share:
Basic$0.31 $0.28 $0.66 $0.58 
Diluted$0.31 $0.28 $0.66 $0.58 
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method.
(3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.
The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except unit and per unit data):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2026202520262025
Numerator:
Net income$132,919 $123,624 $281,763 $252,337 
Less:
Preferred distributions3,486 3,486 6,972 6,972 
Allocation to participating securities (1)
376 343 760 689 
Numerator for income per common unit–basic and diluted$129,057 $119,795 $274,031 $244,676 
   
Denominator:
Weighted-average common units outstanding–basic410,766,148 421,920,878 412,590,094 421,840,845 
Effect of dilutive securities:
Share-based compensation plan (2)
179,053 367,720 197,865 378,537 
Weighted-average common units outstanding–diluted410,945,201 422,288,598 412,787,959 422,219,382 
   
Net income per common unit:
Basic$0.31 $0.28 $0.66 $0.58 
Diluted$0.31 $0.28 $0.66 $0.58 
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method.