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Earnings Per Share and Earnings Per Unit (Tables)
 9 Months Ended
Sep. 30, 2024
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

 

 

 

Nine Months Ended September 30,

 

 

Quarter Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator for net income per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

637,104

 

 

$

546,219

 

 

$

148,517

 

 

$

181,286

 

Allocation to Noncontrolling Interests – Operating Partnership

 

 

(17,290

)

 

 

(17,174

)

 

 

(4,012

)

 

 

(5,561

)

Net (income) loss attributable to Noncontrolling
   Interests – Partially Owned Properties

 

 

(3,098

)

 

 

(5,299

)

 

 

(1,059

)

 

 

(3,217

)

Preferred distributions

 

 

(1,258

)

 

 

(2,318

)

 

 

(356

)

 

 

(773

)

Premium on redemption of Preferred Shares

 

 

(1,444

)

 

 

—

 

 

 

—

 

 

 

—

 

Numerator for net income per share – basic

 

$

614,014

 

 

$

521,428

 

 

$

143,090

 

 

$

171,735

 

Numerator for net income per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

637,104

 

 

$

546,219

 

 

$

148,517

 

 

$

181,286

 

Net (income) loss attributable to Noncontrolling
   Interests – Partially Owned Properties

 

 

(3,098

)

 

 

(5,299

)

 

 

(1,059

)

 

 

(3,217

)

Preferred distributions

 

 

(1,258

)

 

 

(2,318

)

 

 

(356

)

 

 

(773

)

Premium on redemption of Preferred Shares

 

 

(1,444

)

 

 

—

 

 

 

—

 

 

 

—

 

Numerator for net income per share – diluted

 

$

631,304

 

 

$

538,602

 

 

$

147,102

 

 

$

177,296

 

Denominator for net income per share – basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for net income per share – basic

 

 

378,718

 

 

 

378,614

 

 

 

378,756

 

 

 

378,853

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

OP Units

 

 

10,661

 

 

 

11,377

 

 

 

10,623

 

 

 

11,234

 

Long-term compensation shares/units

 

 

1,309

 

 

 

1,144

 

 

 

1,647

 

 

 

1,264

 

Denominator for net income per share – diluted

 

 

390,688

 

 

 

391,135

 

 

 

391,026

 

 

 

391,351

 

Net income per share – basic

 

$

1.62

 

 

$

1.38

 

 

$

0.38

 

 

$

0.45

 

Net income per share – diluted

 

$

1.62

 

 

$

1.38

 

 

$

0.38

 

 

$

0.45

 
ERPOP [Member]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

 

 

 

Nine Months Ended September 30,

 

 

Quarter Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator for net income per Unit – basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

637,104

 

 

$

546,219

 

 

$

148,517

 

 

$

181,286

 

Net (income) loss attributable to Noncontrolling
   Interests – Partially Owned Properties

 

 

(3,098

)

 

 

(5,299

)

 

 

(1,059

)

 

 

(3,217

)

Allocation to Preference Units

 

 

(1,258

)

 

 

(2,318

)

 

 

(356

)

 

 

(773

)

Allocation to premium on redemption of Preference Units

 

 

(1,444

)

 

 

—

 

 

 

—

 

 

 

—

 

Numerator for net income per Unit – basic and diluted

 

$

631,304

 

 

$

538,602

 

 

$

147,102

 

 

$

177,296

 

Denominator for net income per Unit – basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for net income per Unit – basic

 

 

389,379

 

 

 

389,991

 

 

 

389,379

 

 

 

390,087

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Dilution for Units issuable upon assumed exercise/vesting
   of the Company’s long-term compensation shares/units

 

 

1,309

 

 

 

1,144

 

 

 

1,647

 

 

 

1,264

 

Denominator for net income per Unit – diluted

 

 

390,688

 

 

 

391,135

 

 

 

391,026

 

 

 

391,351

 

Net income per Unit – basic

 

$

1.62

 

 

$

1.38

 

 

$

0.38

 

 

$

0.45

 

Net income per Unit – diluted

 

$

1.62

 

 

$

1.38

 

 

$

0.38

 

 

$

0.45