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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS

The following table provides a reconciliation of net income and the number of shares of common stock used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of shares of common stock outstanding without regard to potentially dilutive shares of common stock, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerators – Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

Net income

$

6,925

 

 

$

10,406

 

 

$

10,493

 

 

$

20,968

 

Income attributable to non-controlling interests

 

(15

)

 

 

(14

)

 

 

(20

)

 

 

(26

)

Earnings attributable to unvested shares

 

(97

)

 

 

(133

)

 

 

(194

)

 

 

(267

)

Net income attributable to common stockholders after
   allocation to participating securities

$

6,813

 

 

$

10,259

 

 

$

10,279

 

 

$

20,675

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominators – Number of Shares

 

 

 

 

 

 

 

 

 

 

 

Basic – Average shares outstanding

 

106,411

 

 

 

105,003

 

 

 

105,751

 

 

 

104,958

 

Assumed conversion of dilutive securities - PRSAs and PB LTIPs

 

540

 

 

 

239

 

 

 

500

 

 

 

232

 

Assumed conversion of dilutive securities - Forward equity

 

1,944

 

 

 

—

 

 

 

1,372

 

 

 

—

 

Diluted – Average shares outstanding

 

108,895

 

 

 

105,242

 

 

 

107,623

 

 

 

105,190

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.06

 

 

$

0.10

 

 

$

0.10

 

 

$

0.20

 

Diluted

$

0.06

 

 

$

0.10

 

 

$

0.10

 

 

$

0.20