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Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

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