EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to stockholders - basic	$	41,117	$	12,784	$	71,495	$	39,093
Net income attributable to convertible OP units(1)	4,137		1,468		7,001		4,052
Net income - diluted	$	45,254	$	14,252	$	78,496	$	43,145
Denominator:
Weighted-average shares - basic	126,282		125,516		126,092		125,381
OP units(1)	12,623		12,865		12,662		12,968
Dilutive restricted stock awards(2)	288		529		379		580
Adjusted weighted-average shares - diluted	139,193		138,910		139,133		138,929
Earnings per common share:
Basic income per share	$	0.33	$	0.10	$	0.57	$	0.31
Diluted income per share	$	0.33	$	0.10	$	0.56	$	0.31

(1)OP units are convertible into common stock or cash, at the Operating Partnership’s option. Because OP units participate in earnings on the same basis as common stockholders, the incremental earnings attributable to the OP units included in the diluted EPS numerator are proportionate to the additional OP units included in the diluted EPS denominator. Accordingly, the OP units do not independently create dilution in earnings per share.

(2)For the three and six months ended June 30, 2026, our diluted adjusted weighted-average share count excluded the impact of approximately 132,000 and 128,000 shares, respectively, related to certain performance-based awards that are earned based on the

achievement of specified performance metrics, which were anti-dilutive to the weighted-average share count based on the performance measurement at June 30, 2026.