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Equity (Tables)
9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Dividends Payable Dividends declared (on a per share basis) during the nine months ended September 30, 2024 are as follows:
Common StockPreferred Stock
Dividend
Declaration DateDividendDeclaration DateSeries DSeries ESeries F
February 14, 2024$0.43 March 29, 2024$0.3984375 $0.390625 $0.390625 
May 1, 2024$0.43 June 28, 2024$0.3984375 $0.390625 $0.390625 
July 31, 2024$0.43 September 27, 2024$0.3984375 $0.390625 $0.390625 
Schedule of Earnings Per Share, Basic and Diluted
A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data):
Three Months Ended September 30,
20242023
BasicDilutedBasicDiluted
Net income attributable to common stockholders (1)$58,175 $58,175 $77,924 $77,924 
Net income attributable to noncontrolling interest (2)— 5,028 — 6,789 
Interest expense on convertible notes (3)— — — 6,081 
Net income attributable to common stockholders and noncontrolling interest$58,175 $63,203 $77,924 $90,794 
Weighted average shares outstanding188,513,832188,513,832187,023,395187,023,395
Dilutive effect of OP Units (2)16,293,58916,293,589
Dilutive effect of convertible notes (3)17,312,382
Dilutive effect of RSUs (4)539,888699,452
Weighted average shares outstanding 188,513,832 205,347,309187,023,395221,328,818
Net income per common share (1)$0.31 $0.31 $0.42 $0.41 
Nine Months Ended September 30,
20242023
Net income attributable to common stockholders (1)$163,445 $163,445 $238,407 $238,407 
Net income attributable to noncontrolling interest (2)— 14,119 — 21,200 
Interest expense on convertible notes (3)— — — 18,244 
Net income attributable to common stockholders and noncontrolling interest$163,445 $177,564 $238,407 $277,851 
Weighted average shares outstanding188,626,263188,626,263183,340,149183,340,149
Dilutive effect of OP Units (2)16,293,58916,293,589
Dilutive effect of convertible notes (3)17,271,419
Dilutive effect of RSUs (4)528,627552,242
Weighted average shares outstanding 188,626,263205,448,479183,340,149217,457,399
Net income per common share (1)$0.87 $0.86 $1.30 $1.28 
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(1)Net of preferred stock dividends.
(2)We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election.
(3)The three and nine months ended September 30, 2024 excludes interest expense of $6.1 million and $18.3 million, respectively, and potentially dilutive shares of 17,512,742 and 17,463,320, respectively, attributable to convertible debt since their effect would have been anti-dilutive.
(4)Our chief executive officer was granted RSUs, which vest at the end of a 4-year performance period based upon our achievement of total stockholder return objectives.