| Schedule of Earnings Per Share |
The following table presents the amounts used in computing our basic and diluted earnings per share (in thousands, except share and per share amounts):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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Numerator: |
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Net income attributable to controlling interest — basic |
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$ |
30,606 |
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|
$ |
9,908 |
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|
$ |
54,319 |
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|
$ |
3,104 |
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Adjustment for net loss allocated to participating
securities |
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|
(1 |
) |
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(2 |
) |
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|
(2 |
) |
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(4 |
) |
Net income attributable to controlling interest — diluted |
|
$ |
30,605 |
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|
$ |
9,906 |
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|
$ |
54,317 |
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|
$ |
3,100 |
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Denominator: |
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Denominator for basic earnings per share — weighted
average shares |
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|
192,711,623 |
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160,499,581 |
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|
190,030,463 |
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|
|
158,721,080 |
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Effect of dilutive securities: |
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Nonvested restricted common stock and stock units |
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|
528,904 |
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|
643,975 |
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|
|
538,581 |
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|
|
597,423 |
|
ESPP |
|
|
830 |
|
|
|
— |
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|
|
830 |
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|
|
— |
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Forward equity sale agreements |
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|
106,400 |
|
|
|
— |
|
|
|
138,747 |
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|
|
— |
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Denominator for diluted earnings per share — adjusted
weighted average shares |
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|
193,347,757 |
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|
161,143,556 |
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|
190,708,621 |
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|
|
159,318,503 |
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Basic earnings per share: |
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Net income attributable to controlling interest |
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$ |
0.16 |
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$ |
0.06 |
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|
$ |
0.29 |
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|
$ |
0.02 |
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Diluted earnings per share: |
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|
|
|
|
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Net income attributable to controlling interest |
|
$ |
0.16 |
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|
$ |
0.06 |
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|
$ |
0.28 |
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$ |
0.02 |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following securities were excluded from the computation of diluted earnings (loss) per share because such securities were anti-dilutive during the periods presented below:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
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2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
|
Nonvested TBUs |
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|
49,156 |
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|
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— |
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— |
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|
|
48,571 |
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Nonvested RSAs |
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|
18,158 |
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|
|
24,336 |
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|
18,158 |
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|
|
24,336 |
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Limited OP units |
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|
1,936,425 |
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|
|
2,004,216 |
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|
|
1,936,425 |
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|
|
2,004,216 |
|
Forward sale agreements |
|
|
23,380,190 |
|
|
|
3,554,525 |
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|
|
23,380,190 |
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|
3,554,525 |
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