Earnings per Share / Unit (Tables)

6 Months Ended

Jun. 30, 2023

Computation of Net Income per Share on Basic and Diluted Basis

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2023 and 2022 (amounts in thousands, except share and per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	115,414	$	74,555	$	253,113	$	144,569
Less:
Noncontrolling interest	13,899		8,343		30,647		16,655
Dividends on preferred shares	3,486		4,346		6,972		10,109
Redemption of perpetual preferred shares	—		5,276		—		5,276
Allocation to participating securities (1)	288		198		633		395
Numerator for income per common share–basic and diluted	$	97,741	$	56,392	$	214,861	$	112,134





Denominator:
Weighted-average common shares outstanding–basic	362,148,911		348,484,158		361,267,035		347,123,576
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	331,031		518,466		326,139		628,382
Weighted-average common shares outstanding–diluted (3)	362,479,942		349,002,624		361,593,174		347,751,958

Net income per common share:
Basic	$	0.27	$	0.16	$	0.59	$	0.32
Diluted	$	0.27	$	0.16	$	0.59	$	0.32

(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.

(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options for the three and six months ended June 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three and six months ended June 30, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

(3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2023 and 2022 (amounts in thousands, except unit and per unit data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	115,414	$	74,555	$	253,113	$	144,569
Less:

Preferred distributions	3,486		4,346		6,972		10,109
Redemption of perpetual preferred units	—		5,276		—		5,276
Allocation to participating securities (1)	288		198		633		395
Numerator for income per common unit–basic and diluted	$	111,640	$	64,735	$	245,508	$	128,789





Denominator:
Weighted-average common units outstanding–basic	413,525,891		399,861,138		412,644,015		398,500,556
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	331,031		518,466		326,139		628,382
Weighted-average common units outstanding–diluted	413,856,922		400,379,604		412,970,154		399,128,938

Net income per common unit:
Basic	$	0.27	$	0.16	$	0.59	$	0.32
Diluted	$	0.27	$	0.16	$	0.59	$	0.32