We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company.

We calculate basic net income per common share based upon net income allocable to common shareholders divided by the weighted-average common shares. For diluted net income per common share, net income allocable to common shareholders is adjusted to add back the dilutive effects of if-converted noncontrolling interest shares, divided by the weighted-average common shares adjusted for the impact of dilutive stock options, shares and OP Units subject to earnout provisions when the applicable contingency or performance conditions have been met, OP Options, AO LTIP units, Forward ATM Offerings, and the assumed conversion of noncontrolling interest shares under the if-converted method when their effect is dilutive. Stock options, OP Options, AO LTIP units and Forward ATM Offerings equivalent to 3,379,227 common shares were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2026, as compared to 572,130 common shares for the same period in 2025, because their effect would have been antidilutive.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

	(Amounts in thousands, except per share data)
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$	312,281	$	461,408	$	1,239,327	$	1,128,606
Effect of assumed conversion of noncontrolling interest shares	804		—		2,317		—
Numerator for dilutive net income per common share- net income allocable to common shareholders	$	313,085	$	461,408	$	1,241,644	$	1,128,606

Denominator for basic net income per share - weighted average common shares outstanding	184,159		175,456		178,444		175,439
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method	481		428		457		477
Net effect of noncontrolling interest shares - based on if-converted method	470		—		470		—
Denominator for dilutive net income per share - weighted average common shares outstanding	185,110		175,884		179,371		175,916

Net income per common share:
Basic	$	1.70	$	2.63	$	6.95	$	6.43
Dilutive	$	1.69	$	2.62	$	6.92	$	6.42