The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income per share reported in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2026 and 2025.


	(in thousands, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
NUMERATOR


Net income attributable to controlling interests	$	123,328	$	53,783	$	109,419	$	35,534

Amount allocated to participating securities	(409)		—		(489)		—

Numerator for basic income per share – net income available to common shareholders	$	122,919	$	53,783	$	108,930	$	35,534
Noncontrolling interests – Operating Partnership and Series E preferred units (1)	—		9,197		5,719		6,071

Distributions to Series D preferred unitholders	57		109		172		429
Numerator for diluted income per share (1)	$	122,976	$	63,089	$	114,821	$	42,034

DENOMINATOR
Denominator for basic earnings per share weighted average shares	16,796		16,726		16,793		16,731
Effect of operating partnership units(1)	—		966		897		972
Effect of Series D preferred units	82		155		82		204
Effect of Series E preferred units(1)	—		1,898		—		1,903
Effect of dilutive restricted stock units and stock options	5		26		8		25
Denominator for diluted income per share	16,883		19,771		17,780		19,835



NET INCOME PER COMMON SHARE – BASIC	$	7.32	$	3.22	$	6.49	$	2.12



NET INCOME PER COMMON SHARE – DILUTED	$	7.28	$	3.19	$	6.46	$	2.12

(1)For the three months ended September 30, 2026, the impact of Units, and for the three and nine months ended September 30, 2026 the impact of Series E preferred units, were excluded from the calculation of net income per common share - diluted as they were anti-dilutive.