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Earnings per Share / Unit (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
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 months ended March 31, 2024 and 2023 (amounts in thousands, except share and per share data):
For the Three Months Ended
March 31,
 20242023
Numerator:  
Net income$128,095 $137,699 
Less:
Noncontrolling interest 15,320 16,748 
Dividends on preferred shares3,486 3,486 
Allocation to participating securities (1)
379 328 
Numerator for income per common share–basic and diluted$108,910 $117,137 
Denominator:
Weighted-average common shares outstanding–basic366,513,257 360,353,124 
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contract (2)
459,036 321,246 
Weighted-average common shares outstanding–diluted (3)
366,972,293 360,674,370 
Net income per common share:
Basic$0.30 $0.33 
Diluted$0.30 $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 and vesting of PSUs under the treasury stock method for the three months ended March 31, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three months ended March 31, 2024 (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 months ended March 31, 2024 and 2023 (amounts in thousands, except unit and per unit data):
For the Three Months Ended
March 31,
 20242023
Numerator:  
Net income$128,095 $137,699 
Less:
Preferred distributions3,486 3,486 
Allocation to participating securities (1)
379 328 
Numerator for income per common unit–basic and diluted$124,230 $133,885 
Denominator:
Weighted-average common units outstanding–basic417,890,237 411,730,104 
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contract (2)
459,036 321,246 
Weighted-average common units outstanding–diluted418,349,273 412,051,350 
Net income per common unit:
Basic$0.30 $0.33 
Diluted$0.30 $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 unit using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three months ended March 31, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three months ended March 31, 2024 (see Note 10. Shareholders’ Equity / Partners’ Capital).