Equity (Tables)

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Dividends declared (on a per share basis) during the six months ended June 30, 2025 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series F
February 19, 2025	$	0.43	March 28, 2025	$	0.3984375	$	0.390625	$	0.390625
April 30, 2025	$	0.30	June 27, 2025	$	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 June 30,
	2025				2024
	Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	23,952	$	23,952	$	47,397	$	47,397
Net income attributable to noncontrolling interest (2)	—		2,015		—		4,094
Interest expense on convertible notes (3)	—		—		—		—
Net income attributable to common stockholders and noncontrolling interest	$	23,952	$	25,967	$	47,397	$	51,491
Weighted average shares outstanding	192,236,206		192,236,206		188,655,801		188,655,801
Dilutive effect of OP Units (2)	—		16,173,761		—		16,293,589
Dilutive effect of convertible notes (3)	—		—		—		—
Dilutive effect of RSUs (4)	—		593,035		—		538,321
Weighted average shares outstanding	192,236,206		209,003,002		188,655,801		205,487,711
Net income per common share (1)	$	0.12	$	0.12	$	0.25	$	0.25

	Six Months Ended June 30,
	2025				2024
Net income attributable to common stockholders (1)	$	54,389	$	54,389	$	105,270	$	105,270
Net income attributable to noncontrolling interest (2)	—		4,617		—		9,090
Interest expense on convertible notes (3)	—		—		—		—
Net income attributable to common stockholders and noncontrolling interest	$	54,389	$	59,006	$	105,270	$	114,360
Weighted average shares outstanding	191,154,501		191,154,501		188,683,095		188,683,095
Dilutive effect of OP Units (2)	—		16,211,314		—		16,293,589
Dilutive effect of convertible notes (3)	—		—		—		—
Dilutive effect of RSUs (4)	—		572,759		—		522,935
Weighted average shares outstanding	191,154,501		207,938,574		188,683,095		205,499,619
Net income per common share (1)	$	0.28	$	0.28	$	0.56	$	0.56

________________________

(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 six months ended June 30, 2025 excludes interest expense of $6.1 million and $12.2 million, respectively, and potentially dilutive shares of 17,471,534 and 17,543,663, 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.