Earnings Per Share

12 Months Ended

Dec. 31, 2025

Net income (loss) per common share has been computed pursuant to the guidance in the ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly calculated except that the denominator is increased by using the treasury stock method to determine the potential dilutive effect of the Company’s outstanding unvested RSUs and unsettled shares under open forward equity contracts and using the if-converted method to determine the potential dilutive effect of the OP Units. The Company has noncontrolling interests in the form of OP Units which are convertible into common stock and represent potentially dilutive securities, as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share:


	Year Ended December 31,
(in thousands, except share and per share data)	2025		2024		2023
Numerator:
Net income (loss)	$	6,938	$	(12,000)	$	6,890
Net (income) loss attributable to noncontrolling interest	(37)		63		(53)
Net income (loss) attributable to common shares, basic	6,901		(11,937)		6,837
Net income (loss) attributable to noncontrolling interest	37		(63)		53
Net income (loss) attributable to common shares, diluted	$	6,938	$	(12,000)	$	6,890

Denominator:
Weighted average common shares outstanding, basic	82,702,387		76,517,767		63,922,973
Effect of dilutive shares for diluted net income per common share:
OP Units	421,516		—		501,751
Unvested RSUs	285,694		—		165,420
Unsettled shares under open forward equity contracts	795,151		—		75,295
Weighted average common shares outstanding, diluted	84,204,748		76,517,767		64,665,439

Net income (loss) available to common stockholders per common share, basic	$	0.08	$	(0.16)	$	0.11
Net income (loss) available to common stockholders per common share, diluted	$	0.08	$	(0.16)	$	0.11

For the year ended December 31, 2024, diluted net loss per common share does not assume the conversion of 444,435 OP Units, 123,992 unvested RSUs, or 233,606 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

As of December 31, 2025 and 2024, there were 412,143 and 424,956 of OP Units outstanding, respectively.