Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Distributions. Dividends declared (on a per share basis) for the year ended December 31, 2024 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series 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
October 30, 2024	$	0.43	December 30, 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):


	Year Ended December 31,
	2024				2023				2022
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	223,272	$	223,272	$	330,065	$	330,065	$	284,829	$	284,829
Net income attributable to noncontrolling interest (2)	—		19,278		—		29,122		—		28,044
Interest expense on convertible notes (3)	—		—		—		24,832		—		20,166
Net income attributable to common stockholders and noncontrolling interest	$	223,272	$	242,550	$	330,065	$	384,019	$	284,829	$	333,039
Weighted average shares outstanding	188,701,149		188,701,149		184,641,642		184,641,642		165,355,167		165,355,167
Dilutive effect of OP Units (2)	—		16,293,589		—		16,293,589		—		16,304,638
Dilutive effect of convertible notes (3)	—		—		—		17,294,392		—		16,900,204
Dilutive effect of RSUs (4)	—		531,872		—		613,990		—		552,621
Weighted average shares outstanding	188,701,149		205,526,610		184,641,642		218,843,613		165,355,167		199,112,630
Net income per common share (1)	$	1.18	$	1.18	$	1.79	$	1.75	$	1.72	$	1.67

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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 year ended December 31, 2024 excludes interest expense of $24.3 million, and potentially dilutive shares of 17,487,435, 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 four-year performance period based upon our achievement of total stockholder return objectives.