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PARTNERS' EQUITY OF THE PARENT COMPANY | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
PARTNERS' EQUITY OF THE PARENT COMPANY | 12. PARTNERS’ EQUITY OF THE PARENT COMPANY Earnings per Common Partnership Unit The following table details the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):
| Three Months Ended June 30,
| 2024 |  | 2023
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Net income (loss) | $ | 30,267 |  |  | $ | 30,267 |  |  | $ | (12,737) |  |  | $ | (12,737) |
Net income attributable to noncontrolling interests | (3) |  |  | (3) |  |  | — |  |  | — |
Nonforfeitable dividends allocated to unvested restricted unitholders | (277) |  |  | (277) |  |  | (204) |  |  | (204) |
Net income (loss) attributable to common unitholders | $ | 29,987 |  |  | $ | 29,987 |  |  | $ | (12,941) |  |  | $ | (12,941) |
Denominator |  |  |  |  |  |  |
Total weighted-average units outstanding | 173,078,731 |  |  | 175,211,246 |  |  | 172,478,629 |  |  | 172,478,629 |
Earnings (loss) per Common Partnership Unit: |  |  |  |  |  |  |
Net income (loss) attributable to common unitholders | $ | 0.17 |  |  | $ | 0.17 |  |  | $ | (0.08) |  |  | $ | (0.08) |
| Six Months Ended June 30,
| 2024 |  | 2023
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Net income (loss) | $ | 13,853 |  |  | $ | 13,853 |  |  | $ | (18,013) |  |  | $ | (18,013) |
Net (income) loss attributable to noncontrolling interests | (6) |  |  | (6) |  |  | 1 |  |  | 1 |
Nonforfeitable dividends allocated to unvested restricted unitholders | (613) |  |  | (613) |  |  | (274) |  |  | (274) |
Net income (loss) attributable to common unitholders | $ | 13,234 |  |  | $ | 13,234 |  |  | $ | (18,286) |  |  | $ | (18,286) |
Denominator |  |  |  |  |  |  |
Weighted-average units outstanding | 172,900,681 |  |  | 172,900,681 |  |  | 172,334,930 |  |  | 172,334,930 |
Contingent securities/Share based compensation | — |  |  | 1,957,064 |  |  | — |  |  | — |
Total weighted-average units outstanding | 172,900,681 |  |  | 174,857,745 |  |  | 172,334,930 |  |  | 172,334,930 |
Earnings (loss) per Common Partnership Unit: |  |  |  |  |  |  |
Net income (loss) attributable to common unitholders | $ | 0.08 |  |  | $ | 0.08 |  |  | $ | (0.11) |  |  | $ | (0.11) |
Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per unit. For the three and six months ended June 30, 2024 and 2023, earnings representing nonforfeitable dividends were allocated to the unvested restricted units issued to the Parent Company’s executives and other employees under the Parent Company’s shareholder-approved long-term incentive plan. Common Partnership Units On May 23, 2024, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $0.1 million, w hich was paid on July 18, 2024 to unitholders of record as of July 3, 2024. In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the six months ended June 30, 2024 and June 30, 2023, the Company did not repurchase any units.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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