Earnings Per Share

12 Months Ended

Dec. 31, 2023

Basic net income/(loss) per common share is determined by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted Class I shares. The restricted Class I shares are considered to be participating securities because they contain non-forfeitable rights to distributions. The restricted Class I shares participate equally with all classes of common shares, therefore net income/(loss) has not been presented separately.

All classes of common shares are allocated net income/(loss) at the same rate per share and receive the same gross distribution per share.


	Year Ended December 31, 2023		From Inception Through December 31, 2022
Net loss	$	(21,004)	$	(881)
Net loss (income) attributable to non-controlling interests	1,097		(503)
Net loss attributable to ORENT	$	(19,907)	$	(1,384)

Net loss attributable to dilutive OP units	(1,097)		—
Net loss attributable to Net Lease Trust - dilutive	(21,004)		—

Weighted average number of common shares outstanding - basic	143,668,975		45,918,641
Effect of dilutive unvested restricted Class I shares	16,212		—
Effect of dilutive OP units	28,477,258		—
Weighted average number of common shares outstanding - dilutive	172,162,445		45,918,641

Net loss per common share - basic	$	(0.14)	$	(0.03)
Net loss per common share - diluted	$	(0.12)	$	(0.03)

The computation of diluted net loss per common share for the period from Inception through December 31, 2022 excludes 11,628,779 potentially dilutive NLT OP units because their effect would have been anti-dilutive.