Earnings Per Share ("EPS") (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share

The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2025 and 2024 (shares in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Net (loss) income	$	(89,995)	$	(112,098)	$	(182,693)	$	21,955
Less: net (loss) income attributable to noncontrolling interests	(2,635)		(3,909)		(4,304)		4,865
Net (loss) income attributable to the Company	(87,360)		(108,189)		(178,389)		17,090
Allocation of earnings to participating securities	(194)		(252)		(581)		(642)
Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders	$	(87,554)	$	(108,441)	$	(178,970)	$	16,448
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	254,130		218,420		253,407		216,884
EPS—net (loss) income attributable to common stockholders
Basic and diluted	$	(0.34)	$	(0.50)	$	(0.71)	$	0.08

(1) Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three and nine months ended September 30, 2025 and 2024, as their impact was antidilutive. Diluted EPS also excludes 10,714,464 and 9,987,209 Operating Partnership units ("OP Units") for the three months ended September 30, 2025 and 2024, respectively, and 10,817,668 and 10,060,498 OP Units for the nine months ended September 30, 2025 and 2024, respectively, as their impact was antidilutive.