EARNINGS PER SHARE OR UNIT

12 Months Ended

Dec. 31, 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 weighted 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 members of the Board of 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 3.8 million, 3.2 million, and 2.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following summarizes the calculation of basic and diluted earnings per share for the Parent Company for the years ended December 31, 2024, 2023 and 2022. 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):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to common shareholders – basic and diluted	$	4,071	$	47,498	$	(12,636)

Denominator:
Weighted average common shares outstanding – basic	219,614,149		219,344,832		219,074,448
Effect of dilutive securities:
AO LTIP Units	43,331		325,603		—
Deferred common share units	70,016		57,848		—
Exchangeable Notes	—		—		—
Weighted average common shares outstanding – diluted	219,727,496		219,728,283		219,074,448

Net income (loss) per common share – basic	$	0.02	$	0.22	$	(0.06)
Net income (loss) per common share – diluted	$	0.02	$	0.22	$	(0.06)

Due to the net loss allocable to common shareholders and common unitholders for the year ended December 31, 2022, no securities had a dilutive impact for that period.