v3.26.3
Net Income Per Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company computes net income per share pursuant to the guidance in FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested RSUs and LTIP Units which contain rights to receive non-forfeitable dividends or dividend equivalents as participating securities requiring the two-class method of computing net income per share. Diluted net income per share of common stock further considers the effect of potentially dilutive shares of common stock outstanding during the period, including the assumed vesting of RSUs and LTIP Units with a market-based or service-based vesting condition, where dilutive. The OP Units and vested LTIP Units held by non-controlling interests represent potentially dilutive securities as the vested LTIP Units may be redeemed for OP Units and the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.
The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands):
Three months ended September 30,Nine months ended September 30,
(dollar amounts in thousands)2026202520262025
Numerator for basic and diluted net income per share:
Net income$60,657 $65,800 $195,088 $185,453 
Less: net income attributable to non-controlling interests(500)(180)(852)(511)
Less: net income allocated to unvested RSUs and LTIP Units(407)(227)(1,146)(682)
Net income available for common stockholders: basic59,750 65,393 193,090 184,260 
Net income attributable to non-controlling interests500 180 852 511 
Net income available for common stockholders: diluted$60,250 $65,573 $193,942 $184,771 
Denominator for basic and diluted net income per share:
Weighted average shares outstanding used in basic net income per share216,679,914 198,141,272 214,396,578 194,753,085 
Effects of dilutive securities: (1)
OP Units and Vested LTIP Units1,780,796 553,847 1,066,862 553,847 
Unvested RSUs and LTIP Units596,987 979,277 610,310 905,163 
Forward sales63,718 200,848 320,505 641,466 
Weighted average shares outstanding used in diluted net income per share219,121,415 199,875,244 216,394,255 196,853,561 
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(1)The three months ended September 30, 2026 and 2025, respectively, exclude the impact of 374,769 and 332,980 unvested RSUs, unvested LTIP Units and unsettled forward equity sales, as the effect would have been antidilutive. The nine months ended September 30, 2026 and 2025, respectively, exclude the impact of 126,806 and 159,609 unvested RSUs, unvested LTIP Units and unsettled forward equity sales, as the effect would have been antidilutive.