Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net income	$	14,370	$	9,633	$	30,184	$	22,918
Net income attributable to non-controlling interests	(1,234)		(1,787)		(2,917)		(4,762)
Net income attributable to ORENT shareholders	$	13,136	$	7,846	$	27,267	$	18,156

Net income attributable to dilutive OP Units	1,234		—		2,917		—
Net income attributable to ORENT shareholders - dilutive	$	14,370	$	—	$	30,184	$	—

Weighted average number of common shares outstanding - basic	292,992,195		127,321,209		265,106,090		112,784,711
Effect of dilutive unvested grants of restricted Class I shares	38,683		16,212		38,683		16,212
Effect of dilutive OP Units	28,916,411		—		28,807,652		—
Weighted average shares of common shares outstanding - dilutive	321,947,289		127,337,421		293,952,425		112,800,923

Net income per common share - basic	$	0.04	$	0.06	$	0.10	$	0.16
Net income per common share - diluted	$	0.04	$	0.06	$	0.10	$	0.16

The computation of diluted net income per common share for the three and six months ended June 30, 2024 includes 38,683 dilutive restricted Class I shares. The computation of diluted net income per common share for the three and six months ended June 30, 2024 includes 28,916,411 and 28,807,652 dilutive NLT OP Units, respectively.

The computation of diluted net income per common share for the three and six months ended June 30, 2023 includes 16,212 dilutive restricted Class I shares. The computation of diluted net income per common share for the three and six months ended June 30, 2023 excludes 27,779,181 and 28,404,641 potentially dilutive NLT OP Units because their effect would have been anti-dilutive.