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Earnings Per Share and Earnings Per Unit (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2024			2023			2022
Numerator for net income per share – basic:
Net income	$	1,070,975		$	868,488		$	806,995
Allocation to Noncontrolling Interests – Operating Partnership		(28,932	)		(26,710	)		(26,310	)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(6,212	)		(6,340	)		(3,774	)
Preferred distributions		(1,613	)		(3,090	)		(3,090	)
Premium on redemption of Preferred Shares		(1,444	)		—			—
Numerator for net income per share – basic	$	1,032,774		$	832,348		$	773,821
Numerator for net income per share – diluted:
Net income	$	1,070,975		$	868,488		$	806,995
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(6,212	)		(6,340	)		(3,774	)
Preferred distributions		(1,613	)		(3,090	)		(3,090	)
Premium on redemption of Preferred Shares		(1,444	)		—			—
Numerator for net income per share – diluted	$	1,061,706		$	859,058		$	800,131
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,795			378,773			376,209
Effect of dilutive securities:
OP Units		10,630			11,181			11,836
Long-term compensation shares/units		1,315			943			1,402
ATM forward sales		—			—			3
Denominator for net income per share – diluted		390,740			390,897			389,450
Net income per share – basic	$	2.73		$	2.20		$	2.06
Net income per share – diluted	$	2.72		$	2.20		$	2.05

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):


	Year Ended December 31,
	2024			2023			2022
Numerator for net income per Unit – basic and diluted:
Net income	$	1,070,975		$	868,488		$	806,995
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties		(6,212	)		(6,340	)		(3,774	)
Allocation to Preference Units		(1,613	)		(3,090	)		(3,090	)
Allocation to premium on redemption of Preference Units		(1,444	)		—			—
Numerator for net income per Unit – basic and diluted	$	1,061,706		$	859,058		$	800,131
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,425			389,954			388,045
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units		1,315			943			1,402
ATM forward sales		—			—			3
Denominator for net income per Unit – diluted		390,740			390,897			389,450
Net income per Unit – basic	$	2.73		$	2.20		$	2.06
Net income per Unit – diluted	$	2.72		$	2.20		$	2.05