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Earnings Per Share and Earnings Per Unit (Tables) | 9 Months Ended
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Sep. 30, 2025
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator for net income per share – basic: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 760,451 |  |  | $ | 637,104 |  |  | $ | 296,868 |  |  | $ | 148,517 |
Allocation to Noncontrolling Interests – Operating Partnership |  |  | (19,044 | ) |  |  | (17,290 | ) |  |  | (6,716 | ) |  |  | (4,012 | )
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties |  |  | (3,408 | ) |  |  | (3,098 | ) |  |  | (1,101 | ) |  |  | (1,059 | )
Preferred distributions |  |  | (1,067 | ) |  |  | (1,258 | ) |  |  | (356 | ) |  |  | (356 | )
Premium on redemption of Preferred Shares |  |  | — |  |  |  | (1,444 | ) |  |  | — |  |  |  | — |
Numerator for net income per share – basic |  | $ | 736,932 |  |  | $ | 614,014 |  |  | $ | 288,695 |  |  | $ | 143,090 |
Numerator for net income per share – diluted: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 760,451 |  |  | $ | 637,104 |  |  | $ | 296,868 |  |  | $ | 148,517 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties |  |  | (3,408 | ) |  |  | (3,098 | ) |  |  | (1,101 | ) |  |  | (1,059 | )
Preferred distributions |  |  | (1,067 | ) |  |  | (1,258 | ) |  |  | (356 | ) |  |  | (356 | )
Premium on redemption of Preferred Shares |  |  | — |  |  |  | (1,444 | ) |  |  | — |  |  |  | — |
Numerator for net income per share – diluted |  | $ | 755,976 |  |  | $ | 631,304 |  |  | $ | 295,411 |  |  | $ | 147,102 |
Denominator for net income per share – basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |
Denominator for net income per share – basic |  |  | 379,775 |  |  |  | 378,718 |  |  |  | 380,593 |  |  |  | 378,756 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
OP Units |  |  | 9,892 |  |  |  | 10,661 |  |  |  | 8,853 |  |  |  | 10,623 |
Long-term compensation shares/units |  |  | 1,460 |  |  |  | 1,309 |  |  |  | 1,520 |  |  |  | 1,647 |
Denominator for net income per share – diluted |  |  | 391,127 |  |  |  | 390,688 |  |  |  | 390,966 |  |  |  | 391,026 |
Net income per share – basic |  | $ | 1.94 |  |  | $ | 1.62 |  |  | $ | 0.76 |  |  | $ | 0.38 |
Net income per share – diluted |  | $ | 1.93 |  |  | $ | 1.62 |  |  | $ | 0.76 |  |  | $ | 0.38 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator for net income per Unit – basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 760,451 |  |  | $ | 637,104 |  |  | $ | 296,868 |  |  | $ | 148,517 |
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties |  |  | (3,408 | ) |  |  | (3,098 | ) |  |  | (1,101 | ) |  |  | (1,059 | )
Allocation to Preference Units |  |  | (1,067 | ) |  |  | (1,258 | ) |  |  | (356 | ) |  |  | (356 | )
Allocation to premium on redemption of Preference Units |  |  | — |  |  |  | (1,444 | ) |  |  | — |  |  |  | — |
Numerator for net income per Unit – basic and diluted |  | $ | 755,976 |  |  | $ | 631,304 |  |  | $ | 295,411 |  |  | $ | 147,102 |
Denominator for net income per Unit – basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |
Denominator for net income per Unit – basic |  |  | 389,667 |  |  |  | 389,379 |  |  |  | 389,446 |  |  |  | 389,379 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Dilution for Units issuable upon assumed exercise/vesting of the Company’s long-term compensation shares/units |  |  | 1,460 |  |  |  | 1,309 |  |  |  | 1,520 |  |  |  | 1,647 |
Denominator for net income per Unit – diluted |  |  | 391,127 |  |  |  | 390,688 |  |  |  | 390,966 |  |  |  | 391,026 |
Net income per Unit – basic |  | $ | 1.94 |  |  | $ | 1.62 |  |  | $ | 0.76 |  |  | $ | 0.38 |
Net income per Unit – diluted |  | $ | 1.93 |  |  | $ | 1.62 |  |  | $ | 0.76 |  |  | $ | 0.38 |

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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