Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2023			2022			2023			2022
Numerator for net income per share – basic:
Net income	$	546,219		$	641,641		$	181,286		$	335,165
Allocation to Noncontrolling Interests – Operating Partnership		(17,174	)		(21,024	)		(5,561	)		(10,997	)
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(5,299	)		(2,726	)		(3,217	)		(1,143	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per share – basic	$	521,428		$	615,573		$	171,735		$	322,252
Numerator for net income per share – diluted:
Net income	$	546,219		$	641,641		$	181,286		$	335,165
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(5,299	)		(2,726	)		(3,217	)		(1,143	)
Preferred distributions		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per share – diluted	$	538,602		$	636,597		$	177,296		$	333,249
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic		378,614			375,710			378,853			375,850
Effect of dilutive securities:
OP Units		11,377			11,893			11,234			11,895
Long-term compensation shares/units		1,144			1,785			1,264			1,555
ATM forward sales		—			6			—			—
Denominator for net income per share – diluted		391,135			389,394			391,351			389,300
Net income per share – basic	$	1.38		$	1.64		$	0.45		$	0.86
Net income per share – diluted	$	1.38		$	1.63		$	0.45		$	0.86

ERPOP [Member]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share and Earnings Per Unit

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2023			2022			2023			2022
Numerator for net income per Unit – basic and diluted:
Net income	$	546,219		$	641,641		$	181,286		$	335,165
Net (income) loss attributable to Noncontrolling    Interests – Partially Owned Properties		(5,299	)		(2,726	)		(3,217	)		(1,143	)
Allocation to Preference Units		(2,318	)		(2,318	)		(773	)		(773	)
Numerator for net income per Unit – basic and diluted	$	538,602		$	636,597		$	177,296		$	333,249
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic		389,991			387,603			390,087			387,745
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting    of the Company’s long-term compensation shares/units		1,144			1,785			1,264			1,555
ATM forward sales		—			6			—			—
Denominator for net income per Unit – diluted		391,135			389,394			391,351			389,300
Net income per Unit – basic	$	1.38		$	1.64		$	0.45		$	0.86
Net income per Unit – diluted	$	1.38		$	1.63		$	0.45		$	0.86