EARNINGS PER SHARE OR UNIT

9 Months Ended

Sep. 30, 2024

Basic earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period. Diluted earnings per share or unit is calculated based on the weighted average number of common shares or units outstanding during the period combined with the incremental average common shares or units that would have been outstanding assuming the conversion of all potentially dilutive common shares or units into common shares or units as of the earliest date possible.

Potentially dilutive securities include (i) outstanding options to acquire common shares; (ii) Limited Partner Units, which may be exchanged for either cash or common shares at the Parent Company’s option and under certain circumstances; (iii) AO LTIP Units; (iv) deferred common share units, which may be credited to the personal accounts of non-employee trustees in lieu of compensation paid in cash or the issuance of common shares to such trustees, and (v) common shares issuable upon the exchange of the Company’s Exchangeable Notes. The Company calculates the potential dilutive effect of the Exchangeable Notes under the if-converted method, which considers only the amounts settled in excess of the principal in diluted earnings per share as the principal must be paid in cash. Limited Partner Units have been omitted from the Parent Company’s denominator for the purpose of computing diluted earnings per share since the effect of including those amounts in the denominator would have no dilutive impact. Weighted average Limited Partner Units outstanding were 3.9 million and 3.7 million for the three and nine months ended September 30, 2024, and 3.3 million and 3.1 million for the three and nine months ended September 30, 2023, respectively.

The following summarizes the calculation of basic and diluted earnings per share for the Parent Company. We have omitted the calculation of basic and diluted earnings per unit since the dilutive securities for the Operating Partnership are the same as those for the Parent Company (dollars in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders – basic and diluted	$	16,729	$	2,070	$	(17,753)	$	39,519

Denominator:
Weighted average common shares outstanding – basic	219,665,836		219,381,248		219,596,590		219,323,570
Effect of dilutive securities:
AO LTIP Units	244,447		529,790		—		430,999
Deferred common share units	68,956		65,042		—		54,974
Exchangeable Notes	117,454		—		—		—
Weighted average common shares outstanding – diluted	220,096,693		219,976,080		219,596,590		219,809,543

Net income (loss) per common share – basic	$	0.08	$	0.01	$	(0.08)	$	0.18
Net income (loss) per common share – diluted	$	0.08	$	0.01	$	(0.08)	$	0.18

Due to the net loss allocable to common shareholders and common unitholders for the nine months ended September 30, 2024, no securities had a dilutive impact for that period.