v3.25.4

Shareholders' Equity and Loss Per Common Share | 12 Months Ended
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Dec. 31, 2025
Shareholders' Equity and Loss Per Common Share |
Shareholders' Equity and Loss Per Common Share | 18. Shareholders' Equity and Loss Per Common Share Common Shares Repurchased Our Board of Trustees previously authorized the repurchase of up to $1.5 billion of our outstanding common shares. In February 2025, our Board of Trustees increased our common share repurchase authorization to $2.0 billion. During the year ended December 31, 2025, we repurchased and retired 26.8 million common shares for $443.1 million, a weighted average purchase price per share of $16.52. During the year ended December 31, 2024, we repurchased and retired 10.9 million common shares for $170.5 million, a weighted average purchase price per share of $15.60. During the year ended December 31, 2023, we repurchased and retired 22.6 million common shares for $334.9 million, a weighted average purchase price per share of $14.83. Since we began the share repurchase program through December 31, 2025, we have repurchased and retired 83.6 million common shares for $1.6 billion, a weighted average purchase price per share of $18.79. In 2026, through February 13, 2026, we repurchased and retired 647,843 common shares for $10.6 million, a weighted average purchase price per share of $16.41, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Issuance of Class B Shares Effective October 27, 2025, 30.0 million authorized but unissued common shares were reclassified as Class B Shares, and on October 27, 2025, we issued 13.9 million Class B Shares, with a par value of $0.01 per share, to certain LTIP Unit and OP Unit holders. Holders of Class B Shares are entitled to vote on all matters submitted to our shareholders, with common shares and Class B Shares voting as a single class. Class B Shares are automatically cancelled and redeemed upon the redemption of each corresponding OP Unit. Class B Shares are not listed on any national securities exchange, and do not have any economic rights or rights to any dividends, distributions or proceeds upon our liquidation. Similarly, the Class B Shares are excluded from the calculation of earnings (loss) per common share as they do not participate in profits or losses. In 2026, through the date of this filing, we issued 3.0 million Class B Shares, with a par value of $0.01 per share, to certain LTIP Unit holders in connection with the 2026 equity grants. Loss Per Common Share The following table summarizes the calculation of basic and diluted loss per common share and reconciles net loss to the amounts of net loss available to common shareholders used in calculating basic and diluted loss per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ | ​ | (In thousands, except per share amounts)
Net loss | ​ | $ | (168,061) | ​ | $ | (177,753) | ​ | $ | (91,709)
Net loss attributable to redeemable noncontrolling interests | ​ |  | 28,998 | ​ |  | 22,202 | ​ |  | 10,596
Net loss attributable to noncontrolling interests | ​ |  | — | ​ |  | 12,025 | ​ |  | 1,135
Net loss attributable to common shareholders | ​ | ​ | (139,063) | ​ | ​ | (143,526) | ​ |  | (79,978)
Distributions to participating securities | ​ |  | (1,789) | ​ |  | (2,463) | ​ |  | (2,054)
Net loss available to common shareholders - basic and diluted | ​ | $ | (140,852) | ​ | $ | (145,989) | ​ | $ | (82,032)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding - basic and diluted | ​ |  | 67,361 | ​ |  | 88,330 | ​ |  | 105,095
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss per common share - basic and diluted | ​ | $ | (2.09) | ​ | $ | (1.65) | ​ | $ | (0.78)
​ The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and special equity awards that were outstanding as of the end of each period is excluded in the computation of diluted loss per common share as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted loss per share). OP Units, Time-Based LTIP Units, LTIP Units and special equity awards, which are held by noncontrolling interests, are attributed income at an identical proportion to the common shareholders. AO LTIP Units, Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 8.0 million, 7.9 million and 6.8 million for each of the three years in the period ended December 31, 2025, were excluded from the calculation of diluted loss per common share as they were antidilutive, but could be dilutive in the future.

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