Earnings per Share and Unit

9 Months Ended

Sep. 30, 2025

Earnings Per Share And Unit [Abstract]


11.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Numerator:
Net income attributable to common shareholders - basic	$	105,960		98,056	$	314,742		303,672
Net income attributable to common shareholders - diluted	$	105,960		98,056	$	314,742		303,672
Denominator:
Weighted average common shares outstanding for basic EPS		181,921		181,498		181,640		183,281
Weighted average common shares outstanding for diluted EPS (1)		182,346		181,772		181,996		183,448
Net income per common share – basic	$	0.58		0.54	$	1.73		1.66
Net income per common share – diluted	$	0.58		0.54	$	1.73		1.66

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 3,147,659 and 1,099,516 for the three months ended September 30, 2025 and 2024, respectively, and 1,785,189 and 1,100,039 for the nine months ended September 30, 2025 and 2024, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per unit data)	2025		2024		2025		2024
Numerator:
Net income attributable to common unit holders - basic	$	107,624		98,649	$	317,634		305,508
Net income attributable to common unit holders - diluted	$	107,624		98,649	$	317,634		305,508
Denominator:
Weighted average common units outstanding for basic EPU		185,068		182,597		183,425		184,381
Weighted average common units outstanding for diluted EPU (1)		185,494		182,872		183,781		184,548
Net income per common unit – basic	$	0.58		0.54	$	1.73		1.66
Net income per common unit – diluted	$	0.58		0.54	$	1.73		1.66

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.