Earnings Per Share

3 Months Ended

Mar. 31, 2024

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.


	Three Months Ended
	March 31, 2024		March 31, 2023
Net income	$	15,814	$	13,285
Net income attributable to non-controlling interests	(1,683)		(2,975)
Net income attributable to ORENT shareholders	$	14,131	$	10,310

Net income attributable to dilutive OP units	1,683		2,975
Net income attributable to ORENT shareholders - dilutive	$	15,814	$	13,285

Weighted average number of common shares outstanding - basic	$	237,219,985	$	98,086,696
Effect of dilutive unvested grants of restricted Class I shares	38,683		16,212
Effect of dilutive OP units	28,698,892		29,037,051
Weighted average shares of common shares outstanding - dilutive	$	265,957,560	$	127,139,959

Net income per common share - basic	$	0.06	$	0.11
Net income per common share - diluted	$	0.06	$	0.10

The computation of diluted net income per common share for the three months ended March 31, 2024 includes 38,683 dilutive restricted Class I shares and 28,698,892 dilutive NLT OP units. The computation of diluted net income per common share for three months ended March 31, 2023 includes 16,212 dilutive restricted Class I shares and 29,037,051 dilutive NLT OP units.