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Earnings per Share / Unit (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Summary of 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 nine months ended September 30, 2024 and 2023 (amounts in thousands, except share and per share data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |
Net income | $ | 87,640 |  |  | $ | 88,092 |  |  | $ | 324,269 |  |  | $ | 341,205 |
Less: |  |  |  |  |  |  |
Noncontrolling interest | 10,333 |  |  | 10,493 |  |  | 38,559 |  |  | 41,140 |
Dividends on preferred shares | 3,486 |  |  | 3,486 |  |  | 10,458 |  |  | 10,458 |
Allocation to participating securities (1) | 313 |  |  | 238 |  |  | 963 |  |  | 854 |
Numerator for income per common share–basic and diluted | $ | 73,508 |  |  | $ | 73,875 |  |  | $ | 274,289 |  |  | $ | 288,753 |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding–basic | 366,981,466 |  |  | 362,426,273 |  |  | 366,757,369 |  |  | 361,665,436 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan and forward sale equity contract (2) | 619,170 |  |  | 498,659 |  |  | 537,610 |  |  | 455,692 |
Weighted-average common shares outstanding–diluted (3) | 367,600,636 |  |  | 362,924,932 |  |  | 367,294,979 |  |  | 362,121,128 |
Net income per common share: |  |  |  |  |  |  |
Basic | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.75 |  |  | $ | 0.80 |
Diluted | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.75 |  |  | $ | 0.80 |
(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 and nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023 (amounts in thousands, except unit and per unit data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |
Net income | $ | 87,640 |  |  | $ | 88,092 |  |  | $ | 324,269 |  |  | $ | 341,205 |
Less: |  |  |  |  |  |  |
Preferred distributions | 3,486 |  |  | 3,486 |  |  | 10,458 |  |  | 10,458 |
Allocation to participating securities (1) | 313 |  |  | 238 |  |  | 963 |  |  | 854 |
Numerator for income per common unit–basic and diluted | $ | 83,841 |  |  | $ | 84,368 |  |  | $ | 312,848 |  |  | $ | 329,893 |
Denominator: |  |  |  |  |  |  |
Weighted-average common units outstanding–basic | 418,358,446 |  |  | 413,803,253 |  |  | 418,134,349 |  |  | 413,042,416 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan and forward sale equity contract (2) | 619,170 |  |  | 498,659 |  |  | 537,610 |  |  | 455,692 |
Weighted-average common units outstanding–diluted | 418,977,616 |  |  | 414,301,912 |  |  | 418,671,959 |  |  | 413,498,108 |
Net income per common unit: |  |  |  |  |  |  |
Basic | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.75 |  |  | $ | 0.80 |
Diluted | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.75 |  |  | $ | 0.80 |
(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 and nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (see Note 10. Shareholders’ Equity / Partners’ Capital).

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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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