Earnings Per Share

9 Months Ended

Sep. 30, 2026

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to common stockholders (in thousands)	$	33,321	$	20,071	$	138,265	$	67,855


Denominator:
Weighted-average number of common shares outstanding—basic	205,168,563		205,407,644		204,905,719		206,896,023
Effect of dilutive securities:
Unvested restricted common stock	388,323		186,459		321,699		187,326

Shares related to unvested PSUs	1,860,661		798,831		1,778,957		835,157
Weighted-average number of common shares outstanding—diluted	207,417,547		206,392,934		207,006,375		207,918,506
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.16	$	0.10	$	0.67	$	0.33
Earnings per share available to common stockholders—diluted	$	0.16	$	0.10	$	0.67	$	0.33

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.